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Devils Complete Refinancing - JVB Sole Owner


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#41 grcenter47

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Posted 03 January 2013 - 05:30 PM

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

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#42 Ollie McKraut

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Posted 03 January 2013 - 05:53 PM

Larry Brooks headline: Devils Refinance; Set for Move to Halifax?
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#43 Devils731

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Posted 03 January 2013 - 06:02 PM

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.
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#44 StarDew

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Posted 03 January 2013 - 06:41 PM

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. ;)
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#45 MadDog2020

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Posted 03 January 2013 - 09:39 PM

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#46 TheMazz

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Posted 03 January 2013 - 11:42 PM

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 by TheMazz, 03 January 2013 - 11:42 PM.

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#47 Coorslight

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Posted 04 January 2013 - 01:06 AM

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.
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#48 Bryan

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Posted 04 January 2013 - 09:42 AM

Me neither.

However, was I the only one who thought the email was about the end of the lockout?
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#49 DJ Eco

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Posted 04 January 2013 - 09:54 AM

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..
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#50 newarkdev01

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Posted 04 January 2013 - 10:01 AM

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.
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#51 ATLL765

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Posted 04 January 2013 - 12:04 PM

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.


I seriously doubt anything in that lease changes one bit unless VBK sells the team outright and new ownership comes in willing to renogiate the lease(which I doubt because paying $300k or whatever it was in rent after the city pays the Devils $2.7M for the parking revenues, is a REALLY good deal)

Though I agree that this kinda sucks for Newark, even if the arena is good for the city.
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#52 DJ Eco

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Posted 04 January 2013 - 12:10 PM

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.


Yeah, can totally understand why you'd be torn. We'll never know exactly what went down at the bargaining table between JVB and Sharpe James, or just what JVB's intentions were, whether exploitative or as a hockey fan with a good eye. If it was my neighborhood, maybe I'd be pissed? But from the outside looking in, it's a great situation to be in (I think), and hopefully some continued success spills over to positively affect the surrounding areas the way it did this past May and June. The jobs and the spirits of the people around the arena were running pretty high and positive.
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#53 ATLL765

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Posted 04 January 2013 - 02:13 PM

Yeah, can totally understand why you'd be torn. We'll never know exactly what went down at the bargaining table between JVB and Sharpe James, or just what JVB's intentions were, whether exploitative or as a hockey fan with a good eye. If it was my neighborhood, maybe I'd be pissed? But from the outside looking in, it's a great situation to be in (I think), and hopefully some continued success spills over to positively affect the surrounding areas the way it did this past May and June. The jobs and the spirits of the people around the arena were running pretty high and positive.


It's definitely a plus when you get an extra 25 or so dates in the spring for a playoff run. Gotta have employees working, getting paid. Money that will likely get spent in the area, as I can't imagine a lot of the employees commute very far to work there.
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#54 95Crash

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Posted 04 January 2013 - 02:25 PM

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


I guess the Devils straightening out their finances makes for boring news copy as far as the Post's Business section is concerned. They probably figure nobody in New York cares about the Devils except when the franchise might be going under.
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Posted 04 January 2013 - 02:51 PM

I guess the Devils straightening out their finances makes for boring news copy as far as the Post's Business section is concerned. They probably figure nobody in New York cares about the Devils except when the franchise might be going under.


They're a tabloid. Not a real newspaper. Part of their schtick is to rip and knock the Devils because they're not the Rangers. Look at the clown that is Neverson. As long as he's drawing a paycheck from the Post, kinda hard to take those tools seriously.
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#56 Chuck the Duck

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Posted 04 January 2013 - 03:00 PM

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That is one high falutin huckster right there!

As long as Booker is Mayor and JVB owns this team, I can't see any re-working of that arena lease, especially after Booker's idiotic/apocoliptic news conference follwoing the release of the arbiter's decision. BTW, I don't remember it being discussed here, but back in November 2012 the City of Newark lost their appeal of the arbitration decision.

Edited by Chuck the Duck, 04 January 2013 - 03:06 PM.

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#57 Triumph

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Posted 04 January 2013 - 03:21 PM

It's definitely a plus when you get an extra 25 or so dates in the spring for a playoff run. Gotta have employees working, getting paid. Money that will likely get spent in the area, as I can't imagine a lot of the employees commute very far to work there.


It's a bunch of minimum-wage-ish jobs. The trouble is that so much of the money spent at the arena goes to the owner and the players, neither of whom live in the area, so the area really doesn't get the full benefit at all.
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#58 devilsfan26

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Posted 04 January 2013 - 03:50 PM

They're a tabloid. Not a real newspaper. Part of their schtick is to rip and knock the Devils because they're not the Rangers. Look at the clown that is Neverson. As long as he's drawing a paycheck from the Post, kinda hard to take those tools seriously.

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#59 Devils Pride 26

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Posted 04 January 2013 - 04:10 PM

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#60 NJDevs4978

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Posted 06 January 2013 - 08:45 AM

Well this has definitely been a very good week for the Devils.
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