New Jersey Devils financial situation to be stabilised soon according to Gary Bettman -NHL Update
New Jersey Devils have been facing some financial woes for quite some time now and according to National Hockey League (NHL) commissioner Gary Bettman, their situation will be stabilised in the upcoming days as all stakeholders are working on it together.
Bettman mentioned the team during his new conference prior to Game 1 of the 2012 NHL Stanley Cup Finals between Los Angeles Kings and New Jersey Devils, in which he touched a number of topics from the CBA and Phoenix Coyotes ownership issues.
Owner of the New Jersey Devils, Jeff Vanderbeek, is believed to be the saviour for the team as Bettman discussed how he would be refinancing the franchise’s debt.
"The New Jersey situation, as we understand it at its most up to date point, is that the club and Jeff Vanderbeek is working on both refinancing the debt on the club and equity raise," Bettman said. "He appears to be fully confident that he can pull this
off in due course in the next few weeks."
No specific date has been given on the situation and when New Jersey’s debt issues will be resolved but sources are citing the start of July to be the time since Devils will require money to keep and bring aboard new players as well with the free agency.
Bettman on the other hand denied rumours about the club needing to fulfil the obligation by July 1st, and added that all stakeholders have been taken on board.
"I've been in touch with the banks on a regular basis," Bettman added. "They seem to be on track."
One thing that will certainly increase tensions within the club is deciding what to do with captain, Zach Parise, who is set to become a free agent in July. Keeping him on the team would require some heavy finances, especially if they win the Stanley Cup,
and could cost them manifolds of his previous contract.
Ray Chambers, a partner of the New Jersey Devils who has a 47 percent share, has been reported to be selling his portion, which would have Vanderbeek looking for new members to come on board.
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