devlman Posted August 13, 2012 Share Posted August 13, 2012 (edited) I know the Devils are in the top half of revenue, but isn't JVB still losing a **** ton trying to scrape together money to pay back the creditors? I feel like this is all counterproductive for him He must feel that he can make the business model work. With a sweet deal with Newark and an increasing Season Ticket base, he may see a profitable franchise in the near-future. I mean, i can feel for him because the debt he is struggling with is mostly from the arena. We needed a brand new one and he was a key figure in making it happen. After all the work in constructing it, rebuilding the marketing dept, etc.. I'm sure he wants to be around to see the fruits of his labor start paying dividends. Edited August 13, 2012 by devlman Quote Link to comment Share on other sites More sharing options...
NJDevs4978 Posted August 13, 2012 Share Posted August 13, 2012 He must feel that he can make the business model work. With a sweet deal with Newark and an increasing Season Ticket base, he may see a profitable franchise in the near-future. I mean, i can feel for him because the debt he is struggling with is mostly from the arena. We needed a brand new one and he was a key figure in making it happen. After all the work in constructing it, rebuilding the marketing dept, etc.. I'm sure he wants to be around to see the fruits of his labor start paying dividends. It's more than business for him, the guy's a legit Devils fan. If one of us owned the team, you can bet we'd be doing everything including begging (which is basically what JVB is doing now) to try to help us hang on to it. Most of these owners buy teams for reasons other than it's a good business anyway. I'm at the point where I just want this to end, whether this means JVB gets flushed or not, preferably flushed if the best he can get is a stay of execution anyway. I do feel for him though. Quote Link to comment Share on other sites More sharing options...
Daniel Posted August 13, 2012 Share Posted August 13, 2012 It's more than business for him, the guy's a legit Devils fan. If one of us owned the team, you can bet we'd be doing everything including begging (which is basically what JVB is doing now) to try to help us hang on to it. Most of these owners buy teams for reasons other than it's a good business anyway. I'm at the point where I just want this to end, whether this means JVB gets flushed or not, preferably flushed if the best he can get is a stay of execution anyway. I do feel for him though. If it were me, I would realize that holding onto the team would not be in the best interests of the team or the fans. To the extent I could control it, I would sell to someone who is committed to keeping the team in New Jersey and keeping the team competitive from a spending standpoint. Quote Link to comment Share on other sites More sharing options...
DevsMan84 Posted August 13, 2012 Share Posted August 13, 2012 If the Devils have to declare bankruptcy, we all know the only acceptable method is for JVB to do this: Quote Link to comment Share on other sites More sharing options...
sundstrom Posted August 13, 2012 Share Posted August 13, 2012 In simple terms, it's basically just an interest payment. (It's really a scheduled periodic interest payment made prior to a bond's maturity). So he's just offering to pay more of an interest rate to buy more time to make the payment. Aka: pushing these events on for another two years. i would gladly pay you two hamburgers on friday, for one hamburger today! Quote Link to comment Share on other sites More sharing options...
Devil Dan 56 Posted August 13, 2012 Share Posted August 13, 2012 i would gladly pay you two hamburgers on friday, for one hamburger today! You got yourself a deal! Quote Link to comment Share on other sites More sharing options...
Zubie#8 Posted August 14, 2012 Share Posted August 14, 2012 TG Blog about it...no new info though. http://blogs.northjersey.com/blogs/fireice/comments/devils_debt_deadline_likely_to_pass_with_no_action_from_lenders/ Quote Link to comment Share on other sites More sharing options...
The 29th Pick Posted August 14, 2012 Share Posted August 14, 2012 Looks like Vanderbeek is close to getting things together.....but how damaging would it be if there's a lockout and no season (or half) this year? I'm sure the Dev's need every cent of revenue. But I'm not sure about salaries if there's a lock out, does the players association pay their salaries during the play stoppage? Quote Link to comment Share on other sites More sharing options...
BCdevil Posted August 14, 2012 Share Posted August 14, 2012 The players don't get paid if there is a work stoppage. Quote Link to comment Share on other sites More sharing options...
njd3b1ink Posted August 14, 2012 Share Posted August 14, 2012 The players don't get paid if there is a work stoppage. If they dont play do all the players contracts get pushed back a year? For example, if they dont play at all, would zajac, clarkson, elias, and zubrus become UFAs next summer or the summer of 2014? Quote Link to comment Share on other sites More sharing options...
sundstrom Posted August 14, 2012 Share Posted August 14, 2012 If they dont play do all the players contracts get pushed back a year? For example, if they dont play at all, would zajac, clarkson, elias, and zubrus become UFAs next summer or the summer of 2014? i believe that the year would be lost and they players you mention would all be UFA but that's of course something else that would have to be negotiated. Quote Link to comment Share on other sites More sharing options...
Triumph Posted August 14, 2012 Share Posted August 14, 2012 i believe that the year would be lost and they players you mention would all be UFA but that's of course something else that would have to be negotiated. There would be no guarantees that Clarkson and Zajac would be UFAs if the rules change. But they're not going to lose an entire season. Quote Link to comment Share on other sites More sharing options...
The 29th Pick Posted August 14, 2012 Share Posted August 14, 2012 The players don't get paid if there is a work stoppage. I remember an interview with one of the player reps during the season and he said something like "although we dont want a lockout, the NHLPA has a full year of salaries in an escrow account, that way players will still get a paycheck" in case it does happen. I see in the NBA some players still got paid thanks to their agents way of constructing their particular contract. http://www.slamonline.com/online/nba/2011/07/some-nba-players-will-still-get-paid-during-the-lockout/ Quote Link to comment Share on other sites More sharing options...
DJ Eco Posted August 14, 2012 Share Posted August 14, 2012 i believe that the year would be lost and they players you mention would all be UFA but that's of course something else that would have to be negotiated. I may be wrong but I imagine contract expiry and UFA-status is some good collateral to hold over the NHL's head, by the NHLPA. If the NHL is technically "enacting a lockout", they're the ones wasting a year of the players' time. It's a good bargaining piece for them to have. Imagine your team's GM (in our case Lou) freaking out in the owner's office (Vanderbeek) about having to re-sign all these guys and not having a whole year's worth of missed gameplay to be able to figure out the various issues around their futures. So yeah, I could be totally wrong, but it would seem that the threat of many contracts expiring would work in most players' advantage who aren't older guys like Marty, Moose, and Salvador (aka who want to keep playing for personal reasons). Quote Link to comment Share on other sites More sharing options...
Colin226 Posted August 15, 2012 Share Posted August 15, 2012 If it were me, I would realize that holding onto the team would not be in the best interests of the team or the fans. To the extent I could control it, I would sell to someone who is committed to keeping the team in New Jersey and keeping the team competitive from a spending standpoint. Yeah I mean I totally feel for the guy.. An it really is awesome that we have a true Devils fan owning the team.. But I don't see why he has to hang on to controlling interest of the team if it's going to hurt the franchise.. Why not just keep some stake and enjoy watching another rich dude call the shots? I mean, if I won the lottery I'd totally buy a small stake in the team I still want to see how this all plays out because there is still a lot of speculation, but I can't see him ruining the team he loves just to try and keep control.. So I'm hoping that he has a vision/plan to right the ship Quote Link to comment Share on other sites More sharing options...
Zubie#8 Posted August 16, 2012 Share Posted August 16, 2012 (edited) http://www.nypost.com/p/news/business/sources_devils_owner_is_on_verge_LxjE1uV62Fpl7407k8AMaK#ixzz23iHhzbUE New Jersey Devils owner Jeffrey Vanderbeek is close to a deal with lenders to retain control of the cash-strapped hockey team, sources told The Post. It is the Post...take it with a grain of salt. Edited August 16, 2012 by Zubie#8 Quote Link to comment Share on other sites More sharing options...
crashline Posted August 16, 2012 Share Posted August 16, 2012 http://www.nypost.com/p/news/business/sources_devils_owner_is_on_verge_LxjE1uV62Fpl7407k8AMaK#ixzz23iHhzbUE It is the Post...take it with a grain of salt. I know there's been much debate whether it's a good or bad thing Vanderbeek came up with the money, but I can't help but be happy about this. Quote Link to comment Share on other sites More sharing options...
MadDog2020 Posted August 16, 2012 Share Posted August 16, 2012 While the loan consolidation from my much-less-than-professional-level financial understanding should be a good thing (assuming there is a lower interest rate on the consolidated loan), I really don't want to put up with 2 more years of 'will he or won't he' with Vanderbeek. But I guess that's what we'll be doing. Quote Link to comment Share on other sites More sharing options...
DJ Eco Posted August 16, 2012 Share Posted August 16, 2012 I know there's been much debate whether it's a good or bad thing Vanderbeek came up with the money, but I can't help but be happy about this. I'm happy about it on the very basic level of the Post being wrong again. Their doom and gloom stories about the Devils are always negated by the facts (when, and if, they surface)... Quote Link to comment Share on other sites More sharing options...
ZeroGravityFat Posted August 16, 2012 Share Posted August 16, 2012 Dennis Bernstein @DennisTFP Note on Bill Gallacher report to buy #Devils - legit player, was finalist on Stars and lost out to Gagliardi bid. Retweeted by David Pagnotta Quote Link to comment Share on other sites More sharing options...
Zubie#8 Posted August 16, 2012 Share Posted August 16, 2012 (edited) Dennis Bernstein @DennisTFP Note on Bill Gallacher report to buy #Devils - legit player, was finalist on Stars and lost out to Gagliardi bid. Retweeted by David Pagnotta Just saw that, very interesting and it was tweeted by three souces if I am correct, are these legit sources? Edited August 16, 2012 by Zubie#8 Quote Link to comment Share on other sites More sharing options...
ZeroGravityFat Posted August 16, 2012 Share Posted August 16, 2012 the report on tsn is saying JVB secured an extension, so i assume the report is legit and they are bringing in money from this guy to take care of stuff, but you never know, wait and see for the TG seal of approval i guess. Quote Link to comment Share on other sites More sharing options...
Zubie#8 Posted August 16, 2012 Share Posted August 16, 2012 the report on tsn is saying JVB secured an extension, so i assume the report is legit and they are bringing in money from this guy to take care of stuff, but you never know, wait and see for the TG seal of approval i guess. This guy Gallacher is a "Oil Tycoon" which means he has to be loaded. Quote Link to comment Share on other sites More sharing options...
ZeroGravityFat Posted August 16, 2012 Share Posted August 16, 2012 http://www.thefourthperiod.com/news/njd120816.html Billionaire, and looks like once JVB settles with the lenders, he's allowed to sell the team, so I'm guessing that we will have a new owner before the season starts. Quote Link to comment Share on other sites More sharing options...
DaneykoIsGod Posted August 16, 2012 Share Posted August 16, 2012 Stu Hackel at SI.com's take on VBK Gotta give the Devils owner his due You’ve got to hand it to Devils owner Jeff Vanderbeek. The man has the escape ability of Houdini. Although Tuesday’s deadline for him to pay his creditors $77 million has come and gone and he does not have all the money that he had agreed to pay them, it appears he’ll keep control of his team, get more time to refinance his club and seek new partners.Every time we’ve read an account of Vanderbeek’s perils, included in the story is some variation on the phrase, “Don’t underestimate Jeff Vanderbeek; don’t count him out.” Clearly that is true. The man is dogged, resourceful and, ultimately, successful. When it comes to those qualities, the Devils have a good role model in the owner’s suite. Quote Link to comment Share on other sites More sharing options...
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