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Post Mentions Bankruptcy. Forbes now says JVB has full ownership pendi

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http://www.nypost.com/p/news/business/devils_in_the_red_Mi3p63lfff0OCTWRIdroxH

The team’s financial hardships could also affect Newark’s four-year-old Prudential Center, the Devils’ home arena. Team-owned Devils Arena Entertainment operates the $375 million building and guarantees the Devils’ loans and, therefore, is in danger of also going bankrupt.

Two issues are complicating matters. First, principal owner Jeff Vanderbeek and co-owner Ray Chambers, each of whom owns 47 percent of the franchise, are on the outs. Chambers, through his Brick City Hockey unit, has been trying to sell his non-controlling stake in the franchise for a year.

But the efforts of Chambers and Moag & Co., a Baltimore investment bank, have been unsuccessful, despite, a source said, cutting their asking price 20 percent to $200 million. Forbes last year estimated the Devils were worth $218 million, No. 11 in the league, down 2 percent from 2010. The team is ranked No. 25 in attendance.

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As soon as they missed the playoffs, this became a foregone conclusion.

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playoff money helps but this situation seems a lot more bleek than what 1 season of playoff money could solve.

Parise a gonner??

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Everything this assclown writes is absolute garbage...

Why because he post something harsh about the Devils that could turn out to be very true?

What else has he post in the past that you do not agree with?

I saw this post earlier this morning and knew it would be torn to shreds by fans who only see the team, management, and ownership through rose-colored glasses. Looks like it didn't take long.

I'm suppose the denial statement is coming in the next few hours

Of course. And the vast majority of fans will side with ownership rather than mulitple sources saying the team is in trouble because the Devils are untouchable in their eyes.

There was a post a while back here saying that the Devils have a major issue with Sept 1st deadline. Looks like it came true but when that first post came up here a couple months ago, everyone was in denial.

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I'm surprised this article took 11 days to write. Having 9 playoff home dates in 4 years can't have helped matters.

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Man -- even I get sick of chiding and patronizing posters here.

RELAX 84 --- just let people have an opinion no matter how misguided you find it -- I think it's more stressful to YOU to respond to each and every one of them in that sardonic yet preachy manner. It takes one to know one dude and I just save my sh!t for you -- if I irks you then lighten up on others OK? Do unto others as you would have them do unto you. When you post like this ad nausium I have to assume you WANT me to call you out every fifth post... <_<

You could eliminate that whole first part of your post and contribute usefully.... and you wouldn't have to ready THIS crappy post either would you? I just feel stressed for you going through life finding fault with the smallest things. I guess that is good though -- they say people who lead stress free lives are usually the ones quickest to get irritated and find fault with the mundane - particularly in traffic.

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Vandersneak is a business man first and a fan second, he could give 2 sh!ts about the team he just cares about his pocket and his investors.... Dont be fooled. He is looking to sell and sell quick. team is losing money. Remember that "VIP draft party for season ticket holders" where they gave us a bag of popcorn and pretzels? LOL what a joke.

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The Nets will face no financial penalty if the lockout forces them to cancel games. “So the facility is at risk,” Richard Krezwick, the GM of the arena, told Bloomberg.

Just like it was "at risk" for 3 years before the Nets came over?

Edited by Marv4Life

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Vandersneak is a business man first and a fan second, he could give 2 sh!ts about the team he just cares about his pocket and his investors.... Dont be fooled. He is looking to sell and sell quick. team is losing money. Remember that "VIP draft party for season ticket holders" where they gave us a bag of popcorn and pretzels? LOL what a joke.

What sucks is now all I can picture is him jumping on that rescue boat first crack out of the box... :giggle: I hope you're wrong. :evil:

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Vandersneak is a business man first and a fan second, he could give 2 sh!ts about the team he just cares about his pocket and his investors.... Dont be fooled. He is looking to sell and sell quick. team is losing money. Remember that "VIP draft party for season ticket holders" where they gave us a bag of popcorn and pretzels? LOL what a joke.

Are you surprised? I'd be looking to sell the team too if I owned a team that couldn't fill 3/4 of a building with fans after winning the division almost every year and then have the fans disappear almost completely during ONE bad season in 15 years. The same fans are going to be the ones that refuse to believe that the team is in large financial trouble. We've been hearing since the arena opened that taxes, rent, utility bills, and other things aren't being paid... Unless someone can prove mismanagement of funds... JVB and LL have tried and worked their asses off to give the fans a competitive and winning team each and every year... if fans don't want to show up, they can be part of the blame game when this team gets sold and/or moved. I hope they put up billboards on the highways in NJ that says "TEAM BROKE. WILL MOVE IF NO ONE SHOWS UP." We'll see how this season goes...

And yeah... JVB IS a business man... a business man that is paying for one of the most expensive rosters in the league, paying for Lamoriello's mistakes (Pandolfo and Peters) and paying for buyouts of White and Hunter while footing the bill for a 3 million dollar penalty from the league, digging deeper into his pockets than anyone else would have to sign Kovalchuk (possibly the best player this organization has ever had) and adding another 6 mil to keep Parise for at least another year. If he wanted to succumb to the financial troubles, he could set an internal cap, Kovy wouldn't be here and Parise would be packing his bags....

I personally think JVB is awesome and we're damn lucky to have him as an owner. If not, we would be finding out what it's like to either be a Pittsburgh Pirates fan, or finding out what it would be like to have our team pack up and move.

Edited by njdevil26

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Man -- even I get sick of chiding and patronizing posters here.

RELAX 84 --- just let people have an opinion no matter how misguided you find it -- I think it's more stressful to YOU to respond to each and every one of them in that sardonic yet preachy manner. It takes one to know one dude and I just save my sh!t for you -- if I irks you then lighten up on others OK? Do unto others as you would have them do unto you. When you post like this ad nausium I have to assume you WANT me to call you out every fifth post... <_<

You could eliminate that whole first part of your post and contribute usefully.... and you wouldn't have to ready THIS crappy post either would you? I just feel stressed for you going through life finding fault with the smallest things. I guess that is good though -- they say people who lead stress free lives are usually the ones quickest to get irritated and find fault with the mundane - particularly in traffic.

Wow you put that much thought in your response to me?

Why do you have to call me out for every post? The only people who tend to do that here are you and your little buddy Triumph, and even he restrains himself a bit. However you, not really.

Again you are a crazy cat lady whom I generally tend to skip over reading your posts as they add nothing to the convo, usually go off into crazy tangents, and have a line of humor that only a few of your little Sept 02 buddies here seem to decipher and handle.

I am actually a pretty stress-free person. Since you are the only who admittedly are constantly calling me out, I think it shows quite the opposite and it appears you are either stressed or obsessed about me.

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Are you surprised? I'd be looking to sell the team too if I owned a team that couldn't fill 3/4 of a building with fans after winning the division almost every year and then have the fans disappear almost completely during ONE bad season in 15 years.

Last year's attendance was higher than each of their last 2 years at the dump(when they were in the 2nd round) and only 300 less than 2003-2004 when they were defending the Cup. http://espn.go.com/nhl/attendance/_/year/2011

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Vandersneak is a business man first and a fan second, he could give 2 sh!ts about the team he just cares about his pocket and his investors.... Dont be fooled. He is looking to sell and sell quick. team is losing money. Remember that "VIP draft party for season ticket holders" where they gave us a bag of popcorn and pretzels? LOL what a joke.

hahaha. vanderbeek has taken a bath on the devils. he doesn't want to sell, his investors do.

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Are you surprised? I'd be looking to sell the team too if I owned a team that couldn't fill 3/4 of a building with fans after winning the division almost every year and then have the fans disappear almost completely during ONE bad season in 15 years. The same fans are going to be the ones that refuse to believe that the team is in large financial trouble. We've been hearing since the arena opened that taxes, rent, utility bills, and other things aren't being paid... Unless someone can prove mismanagement of funds... JVB and LL have tried and worked their asses off to give the fans a competitive and winning team each and every year... if fans don't want to show up, they can be part of the blame game when this team gets sold and/or moved. I hope they put up billboards on the highways in NJ that says "TEAM BROKE. WILL MOVE IF NO ONE SHOWS UP." We'll see how this season goes...

And yeah... JVB IS a business man... a business man that is paying for one of the most expensive rosters in the league, paying for Lamoriello's mistakes (Pandolfo and Peters) and paying for buyouts of White and Hunter while footing the bill for a 3 million dollar penalty from the league, digging deeper into his pockets than anyone else would have to sign Kovalchuk (possibly the best player this organization has ever had) and adding another 6 mil to keep Parise for at least another year. If he wanted to succumb to the financial troubles, he could set an internal cap, Kovy wouldn't be here and Parise would be packing his bags....

I personally think JVB is awesome and we're damn lucky to have him as an owner. If not, we would be finding out what it's like to either be a Pittsburgh Pirates fan, or finding out what it would be like to have our team pack up and move.

You are going to get the following reactions:

1) But we sold out a few times!

2) But we only had 1 bad year!

3) It is Corey Bookers fault!

4) It is the City of Newark's fault!

5) LL is the best GM ever! Can't fault him for anything!

6) It just takes time to get further into the playoffs! We will get there this year!

and so on....

A lot of people are going to be in denial about this issue.

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Why because he post something harsh about the Devils that could turn out to be very true?

What else has he post in the past that you do not agree with?

I saw this post earlier this morning and knew it would be torn to shreds by fans who only see the team, management, and ownership through rose-colored glasses. Looks like it didn't take long.

Of course. And the vast majority of fans will side with ownership rather than mulitple sources saying the team is in trouble because the Devils are untouchable in their eyes.

There was a post a while back here saying that the Devils have a major issue with Sept 1st deadline. Looks like it came true but when that first post came up here a couple months ago, everyone was in denial.

I thought it was an (N)Єverson article, but just noticed he didnt write it..I'm pretty sure the post published an article and refuted when Marty was coming back from his injury a couple years back, stating for sure was not going to comeback against Colorado, and that they had inside information about how the TG got the date wrong. The post is total crap, and does nothing but report rumors and garbage.

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Last year's attendance was higher than each of their last 2 years at the dump(when they were in the 2nd round) and only 300 less than 2003-2004 when they were defending the Cup. http://espn.go.com/nhl/attendance/_/year/2011

That may be so, but no matter what they have at best only been #20 in the league in attendance from the quick search of years I have done and have never came out of the bottom 1/3.

Back at the old CAA, they were not paying back loans for a new arena then too.

I thought it was an (N)Єverson article, but just noticed he didnt write it..I'm pretty sure the post published an article and refuted when Marty was coming back from his injury a couple years back, stating for sure was not going to comeback against Colorado, and that they had inside information about how the TG got the date wrong. The post is total crap, and does nothing but report rumors and garbage.

I will give you that you thought it was N (N)Єverson article, but this is not the first time the past year about the team being in financial trouble.

How come people here are more likely to believe rumors about players signings to trades with the Devils and yet at the same time rumors about team financial situation is always treated as if it was BS?

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This seems to be a sign of the times more and more teams in the league are having financial troubles, the economy is in the crapper I just hope for the best.

Go NJ Devils

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This seems to be a sign of the times more and more teams in the league are having financial troubles, the economy is in the crapper I just hope for the best.

Go NJ Devils

Agreed.

Plus I did find it odd at how quick Lou was with dumping dead weight on this team this past off-season. He is never one to admit mistakes.

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You are going to get the following reactions:

1) But we sold out a few times!

2) But we only had 1 bad year!

3) It is Corey Bookers fault!

4) It is the City of Newark's fault!

5) LL is the best GM ever! Can't fault him for anything!

6) It just takes time to get further into the playoffs! We will get there this year!

and so on....

A lot of people are going to be in denial about this issue.

I agree... and for once I can maybe see why Booker was trying to kill the deal when he came into office. They asked for a lot of public money and now they can't afford the amount that they put up... Just like an apartment building, Booker has a high priced tenant that isn't paying its rent.

You can say what you want about last year's attendance... Jamie and I went to at least 30 home games. There were some games were there were DEFINITELY less than 9,000 people in the building and the Devils announced a 13,500 attendance. You're going to tell me that almost 4,000 who bought tickets didn't show up? The numbers are inflated. They were most definitely counting the free tickets they gave away. We have a friend that is an usher... they get a printout of the numbers at the gates towards the end of the game. A few times he showed me what it was and then I checked the attendance online. I remember there was a game last November where the gate # was 10,500 something and the announced attendance was 14,100.

The only thing that may save the Devils asses is that the Islanders are in so much trouble. That situation might have to be handled first. But the Devils are a team with two superstars in Kovy and Parise... any Canadian businessman from Quebec, Hamilton, or wherever is going to want to swoop in and steal this team if there's an opening. This is something we have to be worried about definitely.

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That may be so, but no matter what they have at best only been #20 in the league in attendance from the quick search of years I have done and have never came out of the bottom 1/3.

Back at the old CAA, they were not paying back loans for a new arena then too.

The point was the idea that the fans completely "disappeared" last season--although they drew more when they were actually good and a couple hundred less as Cup champs--is inaccurate. And they'd still be stuck in the bottom half of the league if they sold out every night. The arena is small compared to others.

They weren't making any type of profit at the CAA and if not for VBK they'd be out of the state or possibly contracted.

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I agree... and for once I can maybe see why Booker was trying to kill the deal when he came into office. They asked for a lot of public money and now they can't afford the amount that they put up... Just like an apartment building, Booker has a high priced tenant that isn't paying its rent.

You can say what you want about last year's attendance... Jamie and I went to at least 30 home games. There were some games were there were DEFINITELY less than 9,000 people in the building and the Devils announced a 13,500 attendance. You're going to tell me that almost 4,000 who bought tickets didn't show up? The numbers are inflated. They were most definitely counting the free tickets they gave away. We have a friend that is an usher... they get a printout of the numbers at the gates towards the end of the game. A few times he showed me what it was and then I checked the attendance online. I remember there was a game last November where the gate # was 10,500 something and the announced attendance was 14,100.

The only thing that may save the Devils asses is that the Islanders are in so much trouble. That situation might have to be handled first. But the Devils are a team with two superstars in Kovy and Parise... any Canadian businessman from Quebec, Hamilton, or wherever is going to want to swoop in and steal this team if there's an opening. This is something we have to be worried about definitely.

Thank you so much about this post about gate #'s. I have been saying for a long time here that it is way inflated but the 3 responses I always get are 1) Some people dont show up, 2) you are wrong! 3) Everybody else does it too!

There were games that had announced attendance where 14,000 were announced and I could swear there were only about 10,000 tops. You then always hear crap about they count people who do not show up, but 4,000 is quite a friggin bit and something is def not right.

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How come people here are more likely to believe rumors about players signings to trades with the Devils and yet at the same time rumors about team financial situation is always treated as if it was BS?

Because player signings and trades have the potential to be good and financial issues have the potential to be bad. Most fans like good things to happen to their team more than they like bad things.

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