Jeff Vanderbeek, owner of New Jersey Devils in trouble, needs $20 million to avoid loss of team
Jeff Vanderbeek, the owner of New Jersey Devils that play in the Eastern Conference of National Hockey League (NHL), appears to be in big trouble according to inside reports and might not be able to pay off the dues which he was supposed to.
According to New York Post, New Jersey Devils’ owner is short of $20 million and could not get the full money as he had promised the creditors. If he is unable to get rid of all the dues which are left, he might have to face the loss of his team.
It is believed that he had taken out some way to come out of trouble but he has failed in doing so and would face some serious conditions in coming days. 14th August is the deadline given to him and he has to pay the entire amount by then.
Some very close sources to Vanderbeek have said that he will definitely work out a solution and will avoid losing control of the team.
The trouble for Jeff began in September last year when his side failed to pay an $80 million loan repayment. He requested to get an extension of date and promised to pay it by then. So creditors had given him an 11 month period to pay $40 million more and
dead line is closing-in now.
But now reports say that he has managed to arrange only $20 million, which is only half of the total amount and he is short of other half. Now Jeff has only seven days left to save his team or lose the possession of the time that he has owned since last
eight years.
The Warren, New Jersey resident was a very big fan of New Jersey Devils back in 1980s and never missed any of their game at stadium, being a season ticket holder. He became minority owner of the team in 2000 and four years later he owned it completely and
resigned from the post of Executive Vice-President of Lehman Brothers.
It might not be the right time for Vanderbeek to lose the side, especially when their happy days had just started by reaching the finals of Stanley Cup last season.
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