New Jersey Devils refinancing
After months of concern over the threat of bankruptcy and debt, the New Jersey Devils said today the organization has refinanced its credit in a way that will strengthen its ability to continue to do business. Also, majority owner Jeff Vanderbeek has bought the stakes of his co-owners, Brick City Hockey, in connection with this refinancing, according to a news release. The release did not mention how much of the organization's debt has been paid or how much remained.
Here is the statement released by Vanderbeek:
"Today’s announcement is good news for Devils fans though I fully recognize fans' frustration with the work stoppage. Our future is now secure and we can be confident of continued on-ice success. Our team has gone to the Stanley Cup Final 5 times in the last 17 years and following the most recent run to the Stanley Cup Final last year, we are excited about our future -- for Jersey's team and Prudential Center, home to the 2013 NHL Draft.
"I am grateful to Mike Gilfillan and Brick City Hockey for our former partnership. Together we shared a passion that led to the building of the Prudential Center – truly a shining jewel of a facility and in my view one of the best arenas in the entire world. The Rock is a great legacy for which we will always be proud."
For more, from The Star-Ledger, which has a closer eye on the Newark team, read THIS.