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.