NEWARK, NJ - DECEMBER 20: Bryce Salvador #24 of the New Jersey Devils of the New Jersey Devils skates in warmups prior to his game against the New York Rangers at the Prudential Center on December 20, 2011 in Newark, New Jersey. (Photo by Bruce Bennett/Getty Images)
Jeffrey Vanderbeek will reportedly retain control of the New Jersey Devils franchise for at least two more years.
The deal is expected to be completed some time next week.
The agreement came to fruition due to backing from the NHL, which agreed to convert its multi-million dollar advance on licensing into a secured loan. Now, the franchise owes non-NHL lenders, around $40 million to pay off overdue loans. In addition, the franchise will also tie together the team and arena debt into one $160 million package. If certain financial targets are met on the $160 million dollar arrangement, the two-year agreement could grow longer.
Via the New York Post:
"[NHL] Commissioner Bettman did not want the Devils to be a distraction during the NHL lockout," a source said, explaining why the commissioner did not demand payment or force out Vanderbeek, as he had contemplated only a few months ago.