Colin226 Posted January 3, 2013 Share Posted January 3, 2013 Where was the NY Post's insider source of doom on this one?!? Jeez some real news comes along and all of a sudden they know nothing Quote Link to comment Share on other sites More sharing options...
msweet Posted January 3, 2013 Share Posted January 3, 2013 Letter from JVBK today: The Devils organization is pleased to announce that it has completed a refinancing of its credit facilities with CIT Group acting as lead arranger. The organization believes that its successful refinancing during a work stoppage demonstrates the strength of the Devils franchise and the Prudential Center, enabling it to continue to execute on its business plan. In addition, in connection with the refinancing, Jeff Vanderbeek and his affiliated entities purchased the stakes of his co-owners, Brick City Hockey and its related entities. Statement from Jeff 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.” Quote Link to comment Share on other sites More sharing options...
Colin226 Posted January 3, 2013 Share Posted January 3, 2013 In a news release obtained by The Record, the team states, “The organization believes that its successful refinancing during a work stoppage demonstrates the strength of the Devils franchise and the Prudential Center, enabling it to continue to execute on its business plan.” Quote Link to comment Share on other sites More sharing options...
msweet Posted January 3, 2013 Share Posted January 3, 2013 http://blogs.northjersey.com/blogs/fireice/jeff_vanderbeek_takes_over_sole_ownership_of_devils_refinancing_of_team_debt_completed/ The Devils’ financial situation has been straightened out and its ownership settled. Devils chairmanJeff Vanderbeek has completed the process of refinancing the team’s debt and buying out his partners, making him the sole owner of the team. Vanderbeek takes over the 47 percent share of Brick City LLC, which was headed by Mike Gilfillan and Ray Chambers, and the six percent owned by Peter Simon. Quote Link to comment Share on other sites More sharing options...
newarkdev01 Posted January 3, 2013 Share Posted January 3, 2013 I don't know about anyone else but this is terrific news heading into what I hope is a resolved labor situation. Even if JVB eventually sells a minority stake or more I think this is a much cleaner situation. Quote Link to comment Share on other sites More sharing options...
DevilMinder Posted January 3, 2013 Share Posted January 3, 2013 I think with all those big concerts people are being drawn to the Rock in numbers that become self sustaining. All it takes one or two times via transit or car to realize the area is safe and the arena itself is top notch and modern. I am very happy to hear the situation has been solidified a little bit. Quote Link to comment Share on other sites More sharing options...
Zubie#8 Posted January 3, 2013 Share Posted January 3, 2013 Fantastic news Quote Link to comment Share on other sites More sharing options...
DevilMinder Posted January 3, 2013 Share Posted January 3, 2013 Lou just told the Star Ledger "It is the same as before, but RIGHT NOW he has total control." Am I looking into that too much and its only a temporary state? Quote Link to comment Share on other sites More sharing options...
Triumph Posted January 3, 2013 Share Posted January 3, 2013 Lou just told the Star Ledger "It is the same as before, but RIGHT NOW he has total control." Am I looking into that too much and its only a temporary state? No - Gulitti reported that Vanderbeek is still looking to sell a piece of the team off to minority investors. Quote Link to comment Share on other sites More sharing options...
Devils731 Posted January 3, 2013 Share Posted January 3, 2013 Tom Gulitti @TGfireandice Stable now. RT @jcamps30: @TGfireandice Do you personally think he still has money troubles, or will NJ be somewhat stable now? Tom Gulitti @TGfireandice Don't know exact number. Was $78 mil. Maybe half. RT @rrekaj13:@TGfireandice how much debt do Devils now have in total as a result of this? Quote Link to comment Share on other sites More sharing options...
devlman Posted January 3, 2013 Share Posted January 3, 2013 Nice...now all we need is a hockey team to play games in the Pru Quote Link to comment Share on other sites More sharing options...
roomtemp Posted January 3, 2013 Share Posted January 3, 2013 I don't know if I buy that. I don't think the Devils lost tons of money, but I definitely think they lost money over the course of the last CBA. The Devils will never show a "profit" Its the way sports teams do the books but I've never felt the Devils were in dire situation with this. They just weren't making as much money as they'd thought before the economy went to crap. Quote Link to comment Share on other sites More sharing options...
SterioDesign Posted January 3, 2013 Author Share Posted January 3, 2013 at the end of the day... as long the Devils can spend to the cap and afford to take on extra cash salary compared to the players cap hit well thats all they need "on ice", i dont really care about profit and all that sh!t really Quote Link to comment Share on other sites More sharing options...
newarkdev01 Posted January 3, 2013 Share Posted January 3, 2013 at the end of the day... as long the Devils can spend to the cap and afford to take on extra cash salary compared to the players cap hit well thats all they need "on ice", i dont really care about profit and all that sh!t really Well put, everyone stresses but we have never had to be like the Islanders and have spend all but two seasons over the past two decades in the playoffs...not much to whine about. Quote Link to comment Share on other sites More sharing options...
sundstrom Posted January 3, 2013 Share Posted January 3, 2013 (edited) I don't know if I buy that. I don't think the Devils lost tons of money, but I definitely think they lost money over the course of the last CBA. you have to be very careful how you categorize a loss. when an owner takes a big salary as a "management fee", that can play with your P & L pretty easily. Tom Gulitti @TGfireandice Stable now. RT @jcamps30: @TGfireandice Do you personally think he still has money troubles, or will NJ be somewhat stable now? Tom Gulitti @TGfireandice Don't know exact number. Was $78 mil. Maybe half. RT @rrekaj13:@TGfireandice how much debt do Devils now have in total as a result of this? VBK would rather have "lenders" than "partners". what that means is that he'll get people to loan him $ and he'll pay back w/ team as collateral. They can call themselves partners but they will have zero control of the team. And the debt on the team maybe less but that's just because its increased on the building. he combined his assets (building and team) to add more value to the entire enterprise and work down the debt. Edited January 3, 2013 by sundstrom Quote Link to comment Share on other sites More sharing options...
grcenter47 Posted January 3, 2013 Share Posted January 3, 2013 I just received an email on it from the Devils Dear Gabriel: The Devils organization is pleased to announce that it has completed a refinancing of its credit facilities with CIT Group acting as lead arranger. The organization believes that its successful refinancing during a work stoppage demonstrates the strength of the Devils franchise and the Prudential Center, enabling it to continue to execute on its business plan. In addition, in connection with the refinancing, Jeff Vanderbeek and his affiliated entities purchased the stakes of his co-owners, Brick City Hockey and its related entities. Statement from Jeff 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.” Sincerely, The New Jersey Devils Quote Link to comment Share on other sites More sharing options...
Ollie McKraut Posted January 3, 2013 Share Posted January 3, 2013 Larry Brooks headline: Devils Refinance; Set for Move to Halifax? Quote Link to comment Share on other sites More sharing options...
Devils731 Posted January 3, 2013 Share Posted January 3, 2013 And the debt on the team maybe less but that's just because its increased on the building. he combined his assets (building and team) to add more value to the entire enterprise and work down the debt. Based on what TG is saying I believe the Devils have no debt now and the Arena debt increased by about $40 million, so a net decrease of $40 million to their total debt, and with the arena being a more solid asset, their total rate should be decreased as well, but that more solid asset may be balanced out by the increase in their debt/asset ratio, so maybe not. Quote Link to comment Share on other sites More sharing options...
StarDew Posted January 3, 2013 Share Posted January 3, 2013 I just received an email on it from the Devils Dear Gabriel: The Devils organization is pleased to announce that it has completed a refinancing of its credit facilities with CIT Group acting as lead arranger. The organization believes that its successful refinancing during a work stoppage demonstrates the strength of the Devils franchise and the Prudential Center, enabling it to continue to execute on its business plan. In addition, in connection with the refinancing, Jeff Vanderbeek and his affiliated entities purchased the stakes of his co-owners, Brick City Hockey and its related entities. Statement from Jeff 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.” Sincerely, The New Jersey Devils I received the same letter except it was Dear Lindsey. I didn't know my name changed. Quote Link to comment Share on other sites More sharing options...
MadDog2020 Posted January 4, 2013 Share Posted January 4, 2013 1 Quote Link to comment Share on other sites More sharing options...
TheMazz Posted January 4, 2013 Share Posted January 4, 2013 (edited) My concern is if the arena defaults...which I don't think will happen...but if the arena defaults or if JVB runs up Devils debt again and tries this all over again. Edited January 4, 2013 by TheMazz Quote Link to comment Share on other sites More sharing options...
Coorslight Posted January 4, 2013 Share Posted January 4, 2013 The Devils are basically sitting in the arena rent free. There is nothing but a winning situation for JVB and the Devils in this situation. JVB bundles the Devils debt into the arena, which is making money, which in turns pays off the Devils debt. I don't see a problem here. Quote Link to comment Share on other sites More sharing options...
Bryan Posted January 4, 2013 Share Posted January 4, 2013 Me neither. However, was I the only one who thought the email was about the end of the lockout? Quote Link to comment Share on other sites More sharing options...
DJ Eco Posted January 4, 2013 Share Posted January 4, 2013 JVB is one sly fox. Say what you will, but relatively speaking, he has set up one of the most favorable financial situations in the upcoming decade or two for a franchise to be in. When you look at how the other franchises are run, and where/how their money comes from, the Devils (like someone just mentioned above) are pretty much operating rent-free with a world-class arena that is capable of sustaining the team. It took some risky maneuvering but from my limited knowledge on the subject, it looks like he's done a pretty good job at favorably positioning the team for the long-run here.. Quote Link to comment Share on other sites More sharing options...
newarkdev01 Posted January 4, 2013 Share Posted January 4, 2013 JVB is one sly fox. Say what you will, but relatively speaking, he has set up one of the most favorable financial situations in the upcoming decade or two for a franchise to be in. When you look at how the other franchises are run, and where/how their money comes from, the Devils (like someone just mentioned above) are pretty much operating rent-free with a world-class arena that is capable of sustaining the team. It took some risky maneuvering but from my limited knowledge on the subject, it looks like he's done a pretty good job at favorably positioning the team for the long-run here.. Ya as a Devils fan and Newark resident I find myself torn on this. The arena is in my mind a net positive for the city and has created a better overall impression of Newark that could have existed otherwise. I think it has also solidified the core areas between Broad and Penn Station and given momentum to development. That being said moving forward without paying rent and having the city pay them has the reciped for a disaster so I hope a better situation comes about long term. Quote Link to comment Share on other sites More sharing options...
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