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New Jersey Devils Owner Strikes Deal To Retain Team For 2 More Years, According To Report

Jeffrey Vanderbeek will reportedly retain control of the New Jersey Devils franchise for at least two more years.

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New Jersey Devils owner Jeffrey Vanderbeek has finalized a deal that will allow him to maintain control of the franchise for at least 24 more months, according to a report by the New York Post.

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.

For more on the Devils, please check out In Lou We Trust and SB Nation New York.