NHL Preparing to Take Over the New Jersey Devils Because the Franchise is $80 Million in Debt

The New Jersey Devils are a mess. Sure, they just made the Stanley Cup Final, but success on the ice does not a good franchise make. According to the New York Post, the Devils are nearly $80 million in debt and the NHL is on the verge of taking over the team from owner Jeff Vanderbeek.

NHL Commissioner Gary Bettman is preparing to take control of the money-losing hockey franchise in the event Vanderbeek fails to refinance the Devils’ debt before a looming Aug. 14 deadline, The Post has learned.

In recent days, the commissioner’s office has told potential suitors to be ready in case he moves on the team and pushes Vanderbeek aside, a source close to the situation said.

Vanderbeek is attempting to sell a stake in the franchise as well as refinance the unpaid loans. August 14th is D-Day for the franchise, but Bettman is expected to move earlier in the summer. [New York Post]

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