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Devils $80 Million Debt


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#21 ohms law

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Posted 13 January 2012 - 02:58 PM

I think the story has a lot of truth to it and seems to line up with things that Forbes has been saying for a while as well. Pure and simple, it seems the devils are over leveraged and struggling to find a minority partner or way to pay down the debt to bring them back to a operable cash flow level. I like JVB as an owner but I think he is probably in over his head. Regardless this doesn't mean the team moves it just means that we might loose out on free agents like Parise while it all has to get worked out.


I'd be careful about assigning "a lot of truth to it" to any of this, based on Forbes backing up the Post. Everything that Forbes is getting on this is coming straight from the Post already, so it's a circular reference.

Like Chuck the Duck talked about above, team owners are extremely secretive about their financial states, to the point of paranoia. I understand and appreciate the "where there's smoke theirs usually fire" thing, but everything about this can be attributed to a single reporter (Josh Kosman). Yea, it's being regurgitated by a handful of other outlets, but it's still all from a single source (and Kosman refuses to reveal his source, like it's Deep Throat or something :rolleyes: ). So... yea, grain of salt.

I have yet to see or hear about anything having to do with payroll, so my level of caring about this is minimal. I'm keeping an eye out about it, like everyone else, but other than that I refuse to worry about it.

Oh, and of course the MSG deal is worth millions. It'd probably be worth more on YES, since the Devils would be more independent of the Rags. Plus, there's already an historical association between the Devils and YankeeNets, so it'd kinda make sense to me. But that's all my own dreaming about what I'd like, not anything substantive. At least the Devils aren't with SportsChannel any longer.
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#22 NJCroMag

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Posted 13 January 2012 - 03:04 PM

Devils are winning the Cup this year.
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#23 HellOnICE

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Posted 13 January 2012 - 03:24 PM

Things are not good.
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#24 The 29th Pick

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Posted 13 January 2012 - 03:51 PM

Devils are winning the Cup this year.


then packing up and moving to..........
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#25 ohms law

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Posted 13 January 2012 - 04:01 PM

Oh stop. The Devils aren't moving. They've got a new arena, fer cryin' out loud!
More importantly, where the heck would they move to? Hamilton, and their non-existent arena (over the objections of Toronto, Buffalo, and the league seem to want to put an expansion club there)? Nashville has a team now, so that bugaboo is gone. I'd believe that Vanderbeek is about to call it quits (which I doubt), but not that the team is moving.
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#26 maxpower

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Posted 13 January 2012 - 04:11 PM

I guess this was his bimonthly "reminder", because there wasn't anything new to this, at all. There really hasn't been anything new to this since the beginning (at least that was proveable or factual), when he reported they were going to miss the balloon, which you could have known from reading on here.

Not overly impressed.
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#27 EdgeControl

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Posted 13 January 2012 - 04:51 PM

I guess this was his bimonthly "reminder", because there wasn't anything new to this, at all. There really hasn't been anything new to this since the beginning (at least that was proveable or factual), when he reported they were going to miss the balloon, which you could have known from reading on here.

Not overly impressed.

well, we have two weeks or so until this "so called" imposed deadline comes up. so we'll find out soon enough how much this JOSH KOSMAN guy knows
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#28 maxpower

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Posted 13 January 2012 - 04:57 PM

well, we have two weeks or so until this "so called" imposed deadline comes up. so we'll find out soon enough how much this JOSH KOSMAN guy knows


The league wouldn't say a thing until the summer, and would probably have to be prodded to admit it anyway, if not exposed for CBA reasons. So all you'll get in 3-4 weeks is another article.

This stuff with burger people and liquidating TV rights is just conjecture. The later, if the league was seriously considering getting involved, why would they allow this anyway. If they think stewardship and bankruptcy sale is the endgame, why would they let the TV rights (a key point of a sale) be violated in some desperate last ditch attempt to stay afloat.... *when it's only a temporary move*. There's another balloon in 2014.

Edited by maxpower, 13 January 2012 - 04:58 PM.

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#29 The 29th Pick

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Posted 13 January 2012 - 05:02 PM

Oh stop. The Devils aren't moving. They've got a new arena, fer cryin' out loud!
More importantly, where the heck would they move to? Hamilton, and their non-existent arena (over the objections of Toronto, Buffalo, and the league seem to want to put an expansion club there)? Nashville has a team now, so that bugaboo is gone. I'd believe that Vanderbeek is about to call it quits (which I doubt), but not that the team is moving.


Theres a nice new arena in Kansas City.....we would go full circle......K.C. / Colorado / N.J. / K.C. !!!!!!!!!
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#30 newarkdev01

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Posted 13 January 2012 - 06:59 PM

I think where I was trying to go with my response is that I do fear that JVB may actually be having problems financially and there has been more smoke from employees who will tell you of the unpaid vendors (including the city of Newark) to the staff cuts over the summer. This may all just be resizing or temporary but I do have the fear of BK or the league running us. Granted for now this is an off hockey day story till I have another game to watch.
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#31 MDPucks

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Posted 13 January 2012 - 10:34 PM

Devils aren't going anywhere. Worst case senario its Dallas Stars 2.0 where a new investor steps in and basically buys the team for paying its debt in a sweetheart deal. The North Jersey market (especially TV market) is too good for the NHL especially with the albatros lurking on Long Island as a real relocation candidate.
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#32 Devils Pride 26

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Posted 14 January 2012 - 12:05 AM

Hopefully a decent playoff run could chip away at some of the costs debt. I wonder how much missing last year costed JVB.
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#33 coldply123

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Posted 14 January 2012 - 01:19 PM

Hopefully a decent playoff run could chip away at some of the costs debt. I wonder how much missing last year costed JVB.


Devils will have to fight to even make the playoffs, and even then it will be a one and done. This team doesn't have the goaltending situation or the puck movement up the ice to contend.
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#34 Colin226

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Posted 14 January 2012 - 03:55 PM

Devils will have to fight to even make the playoffs, and even then it will be a one and done. This team doesn't have the goaltending situation or the puck movement up the ice to contend.


Anything can happen in the playoffs though.. Look at the Flyers 2 years ago making it into the playoffs after a shootout and then marching to the Cup finals with Boucher and Leighton in net.. But they had amazing D and that's where I think we would get exposed in the playoffs
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#35 MantaRay

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Posted 14 January 2012 - 05:11 PM

Exactly and if the Post was posting stories that are completely untrue, then JVB and company would have unleased their lawyers on the Post. Since this has not happened, even if the Post writer has some of agenda against the Devils, there still remains some truth to his article.

Like the old saying "when there is smoke, there is fire"



Newscorp survives on writing and saying provocative BS. The Devils don't want to be dragged in a public squabble regardless if the POST is subject to liable. It will be too costly and really unproductive. Its better to just ignore it.

Devils will have to fight to even make the playoffs, and even then it will be a one and done. This team doesn't have the goaltending situation or the puck movement up the ice to contend.


Its the mediocre defense and lack of third and forth line depth which will preclude us from making the playoffs this year.
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#36 Blown01NJ

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Posted 14 January 2012 - 08:03 PM

Its the mediocre defense and lack of third and forth line depth which will preclude us from making the playoffs this year.


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#37 ThreeCups

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Posted 15 January 2012 - 02:26 PM

Newscorp survives on writing and saying provocative BS. The Devils don't want to be dragged in a public squabble regardless if the POST is subject to liable. It will be too costly and really unproductive. Its better to just ignore it.



Its the mediocre defense and lack of third and forth line depth which will preclude us from making the playoffs this year.



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#38 DevilMinder

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Posted 16 January 2012 - 01:02 PM

We never finalized the bet. Do you want so send DM the $50 each tonight? Loser's money gets donated to the site?



He will. Manta has issues with the team



I was wondering what happened to this, lol.
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#39 newarkdev01

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Posted 16 January 2012 - 01:17 PM

Regardless of how true it is, I do find myself wondering if this has played into the Parise thing at all...I like having JVB as an owner as he seems to really be a hockey guy and it's pretty cool that it's "our" arena. That being said, I hope if they do need to change owners whomever comes in is as commited to developing around the arena.
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#40 Daniel

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Posted 19 January 2012 - 04:31 PM

Regardless of how true it is, I do find myself wondering if this has played into the Parise thing at all...I like having JVB as an owner as he seems to really be a hockey guy and it's pretty cool that it's "our" arena. That being said, I hope if they do need to change owners whomever comes in is as commited to developing around the arena.


This is absolutely the reason Parise remains unsigned. Both sides basically admitted it when they attributed the one year deal to "ownership issues.". A Lehman Brothers euphemism for, "we're overleveraged and couldn't pay our bills even if all of our games were played at home."
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