Yea I mean I don't get it. The team made the playoffs 15 years in a row and they're having issues all the sudden the one year they don't make the playoffs? Jesus.
This team just doesn't make a profit, regardless of whether they make the playoffs or not. Obviously, not having those playoff dates is a huge blow to the bottom line, but the biggest factor in all of this is attendance, and the money generated from tickets sold. To build an arena that cost the team $175 million (the Newark Housing Authority paid the other $210 million) + financing interest/charges, they had to expect that attendance would be way better than it currently is. And they definitely expected getting better corporate support for the sale of the club seats and suites (where a large majority of ticket revenue derives from for most teams) than they have received.
It's like the perfect storm of financial disaster for the Devils - (a) build a new arena that costs hundreds of millions of dollars that opens in 2007, (b) the financial system basically collapses a year later, taking with it a large majority of the wealth of the team's owner, © massive unemployment means casual and die hard fans alike cannot afford to pay exhorbinant ticket prices and parking fees to attend the games, (d) corporate belt tightening means giving up the Devils tickets the corp. or firm has in order to keep tickets to more popular teams like the Yankees or Giants, (e) the team's minority owner, who has no interest in hockey and simply wanted an arena built in Newark, wants out, (f) nobody else has stepped in to take the place of the minority owner, the majority owner cannot afford to purchase those shares, and the banks seem unwilling to extensively restructure the loans.
What amazes me is there wasn't a complete firesale to bring this team's payroll to the CAP floor this summer. This is all the more reason to trade Parise at the deadline if you know that (a) you financially cannot afford to re-sign him due to the ownership situation, or (b) he refuses to resign.
Edited by Chuck the Duck, 20 January 2012 - 10:51 AM.