Rock Posted June 23, 2004 Share Posted June 23, 2004 Jeffrey dollars http://www.bergenrecord.com/page.php?qstr=...2Y3dnFlZUVFeXk2 Wednesday, June 23, 2004 By TOM GULITTI STAFF WRITER NEWARK - Jeff Vanderbeek's father still runs the dry cleaners in Somerville where Vanderbeek worked while finishing up his undergraduate degree at nights at Bloomfield College, so it's easy for him to remember where he came from. And, from his office on the top floor of the tallest building in Newark, with a little imagination he can almost see where's he headed next. What drives Vanderbeek, however, is his desire not to get stuck somewhere in between. "You are either moving forward or moving back," he said, "and I need to be moving forward." So, four months ago, the 46-year-old Somerville native resigned from Lehman Brothers, where he was one of the highest-paid executives in the country, with the intention of becoming principal owner and chairman of the Devils and spearheading their effort to build a $310 million arena in Newark. On Tuesday in New York, the NHL's Board of Governors unanimously approved Vanderbeek's ascension to power, pending the official completion of stock transfers from Puck Holdings, Inc. (a subsidiary of the soon-to-be defunct YankeeNets), which is expected by the end of the month. "I know it sounds corny, but I wanted to start another stage of my life," said Vanderbeek, a minority owner of the Devils since Puck Holdings purchased them from John McMullen in 2000. "I don't think you can stay in one place for 40 years. I learned so much at Lehman and it certainly gave me the means to try something like this, but I believe you have to put yourself outside of your comfort zone. "I wanted to take on a challenge." The challenge he has chosen is substantial. Although the Devils have been successful on the ice, winning three Stanley Cups since 1995, they lost $65 million in their four years under Puck Holdings. Vanderbeek wouldn't discuss specific figures, but conceded the Devils lost "upwards of $20 million" this past season, which ended with a first-round playoff exit. Consider also that the NHL's collective bargaining agreement expires Sept. 15 and owners and players are preparing for a lockout that could wipe out all of 2004-05. So, some might think the Devils aren't the wisest investment. At Lehman Brothers, however, Vanderbeek helped his clients make millions off "distressed assets." The Devils certainly seem to qualify. Vanderbeek would not reveal how much he and minority partners, Michael Gilfillan and Peter Simon, are paying for the team, but it appears they're getting it as a bargain. Earlier this year, Forbes valued the Devils at $145 million, down from the $175 million Puck Holdings paid McMullen. "I think people know that the Devils lose money," he said. "I guess you call that certain distress, but that's not how I look at it at all. There's nothing but a very bright future." Vanderbeek believes that future hinges on the Newark arena. The Devils have committed $100 million toward its construction. The city would put up the remaining $210 million. The Devils have been saying for nearly a decade that Continental Arena is outdated. Now, Vanderbeek has taken over for Ray Chambers as the driving voice in the Newark arena effort. "There's no question he has a total focus toward the arena," Devils' CEO, president, and general manager Lou Lamoriello said. "I think once he made his decision to leave Lehman, he sort of went through a change and now his total focus is here and I think it's tremendous." Being out in front is something new for Vanderbeek. "I spent 25 years on Wall Street trying to stay out of the papers," he said. He plans to return to the background when the arena planning is completed and let Lamoriello run on-ice operations as he always has, but there are still some obstacles to overcome, including a pivotal City Council vote late next month. Ground would have to be broken soon after that for the building to be ready for the start of the 2007-08 season. Otherwise, the Devils will have to look elsewhere. Their lease at Continental Arena expires at the end of 2006-07. McMullen's old Hoboken site is a possibility. Another is Kansas City, the Devils' original home, which announced its plans to build an arena last month and is trying to lure an NHL or NBA franchise. Vanderbeek's primary goal is to keep the team in New Jersey, though. "It's not Newark or nothing," he said, "but right now we're very optimistic and very excited about starting the 07-08 season in Newark." Vanderbeek, who lives in Warren with his wife, Debbie, and their three children, has a personal connection to Newark. His grandmother was born and grew up there and Vanderbeek often would visit. Later, Newark was a quick stop on his commute to Manhattan. Now, he has an office there within view of the proposed arena site on Broad, Lafayette, and Market streets. "I love hockey, I love New Jersey, and I feel strongly about the Newark situation," he said. "I was born in New Jersey and lived here all my life. So, it does mean a lot to me." Vanderbeek has accomplished a lot since he left his father's dry cleaners for Wall Street 25 years ago. He became a wealthy man at Lehman Brothers, earning nearly $60 million combined in 2002 and 2003 by Business Week magazine's count, and acquiring a net worth in the hundreds of millions of dollars. Still, he doesn't think of himself in those terms. "You have to have a fair amount of money to own the New Jersey Devils, but I'd like to believe I'm very level-headed about it and in touch with my roots," he said. "I remember where I came from. I've had some times where I had to pinch myself to make sure it's real, but you can't really dwell on that for a long time. "You have to keep moving forward. I got where I am by being upfront and honest with people, very loyal, being part of a team." Soon, he'll be the owner of one. Quote Link to comment Share on other sites More sharing options...
sheeps Posted June 23, 2004 Share Posted June 23, 2004 "I love hockey, I love New Jersey, and I feel strongly about the Newark situation," he said. "I was born in New Jersey and lived here all my life. So, it does mean a lot to me." OK, this guy's awesome. Quote Link to comment Share on other sites More sharing options...
point Posted June 23, 2004 Share Posted June 23, 2004 I love this guy! Quote Link to comment Share on other sites More sharing options...
Don Posted June 23, 2004 Share Posted June 23, 2004 Although the Devils have been successful on the ice, winning three Stanley Cups since 1995, they lost $65 million in their four years under Puck Holdings. Vanderbeek wouldn't discuss specific figures, but conceded the Devils lost "upwards of $20 million" this past season, which ended with a first-round playoff exit. So, in honesty, we can only afford a $35M payroll. We pared the salaries down and still lost $20M. No wonder Pete is on the players side in the strike. They obviously are not making enough money. Quote Link to comment Share on other sites More sharing options...
MantaRay Posted June 23, 2004 Share Posted June 23, 2004 "I love hockey, I love New Jersey, and I feel strongly about the Newark situation," he said. "I was born in New Jersey and lived here all my life. So, it does mean a lot to me." This guy deserves to contribute to this board. He is one of us!!! Quote Link to comment Share on other sites More sharing options...
LizDevil30 Posted June 23, 2004 Share Posted June 23, 2004 Governor Vanderbeek. It would be nice to have a governor that gave a damn about the state. But Jeff sounds way to honest and classy for that job. LETS GO DEVILS! Quote Link to comment Share on other sites More sharing options...
langsgirl Posted June 23, 2004 Share Posted June 23, 2004 I get so excited when i read articles about him!! Quote Link to comment Share on other sites More sharing options...
Pepperkorn Posted June 23, 2004 Share Posted June 23, 2004 (edited) What if he WAS on the board! Heck it'd make me feel like less of a slacker... of course he could call his goofing around here "market research" See now I'd love to work for this guy! How much fun would it be? Probably more fun than working for Lou. So working for Lou I think you'd learn more but you'd be more limited in scope. You'd learn true efficiency. Part of me really loves the whole idea of being on control and even-tempered and stuff... but it's not natural for me at all -- believe it or not That's why I want to work for Lou. I think he knows how to feel that understated joy - it's probably just as satisfying as a manic rush, you know? Working for Vanderbeek would probably be a little more bi-polar Really fun, charged highs but then really trauma over-worked feeling lows. You'd feel more efficient running around feeding off his energy but you'd probably be working a little more stupid - a little too much crisis management feeling I'd wager. Lou would probably work on a very even keel -- brilliant yet dull... that's an oxymoron - but you know what I mean So does anyone else here ever think about this kind of thing? I just find it amazing that one can work in the business end of something as neat as hockey. I mean that's so cool. but then when you're there I imagine it's a lot like any job - Like the players lunch was just like any work sponsored forced fun kind of event. But at least I believe in hockey... and the Devils. I guess there's no doubt I'm warped... Edited June 23, 2004 by Pepperkorn Quote Link to comment Share on other sites More sharing options...
overtime98 Posted June 24, 2004 Share Posted June 24, 2004 The new owner of the Devils is awesome and the right person for the job. Puckholdings is/was a BIG joke. They had no clue. Screw puckholdings..... GO VANDERBEEK! Quote Link to comment Share on other sites More sharing options...
djstubbs Posted June 24, 2004 Share Posted June 24, 2004 What if I told you I was Mr. Vanderbeek? Quote Link to comment Share on other sites More sharing options...
langsgirl Posted June 24, 2004 Share Posted June 24, 2004 no one would ever believe you!!! Quote Link to comment Share on other sites More sharing options...
Pepperkorn Posted June 24, 2004 Share Posted June 24, 2004 What if I told you I was Mr. Vanderbeek? I'd say you look like a very youthful 46! Quote Link to comment Share on other sites More sharing options...
sammyk Posted June 24, 2004 Share Posted June 24, 2004 What if I told you I was Mr. Vanderbeek? Unpossible...I mean Vanderbeek wants the team in Newark. Quote Link to comment Share on other sites More sharing options...
djstubbs Posted June 25, 2004 Share Posted June 25, 2004 What if I told you I was Mr. Vanderbeek? Unpossible...I mean Vanderbeek wants the team in Newark. Unpossible, lol! Quote Link to comment Share on other sites More sharing options...
aylbert Posted June 25, 2004 Share Posted June 25, 2004 Maybe its NewarkDevil Quote Link to comment Share on other sites More sharing options...
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