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NJ Devils May Be Sold To Group Led By Andrew Barraway - Forbes


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#1 thelastonealive

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Posted 28 June 2013 - 10:56 AM

http://www.forbes.co...ndrew-barraway/

 

 

“Recently, the Club was able to arrange a significant infusion of debt capital ($30 million) from an investor that is interested in purchasing the the Club from Vanderbeek. We understand from League officials that the new investor, Andrew Barraway, is currently negotiating with Vanderbeek and thier expectation is that either Barroway or another ownership group will end up owning the team within the next 120 days or so.”

 

The above quote is quoting an NHLPA memo.


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#2 Devils731

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Posted 28 June 2013 - 11:00 AM

Apparently this guy tried to buy the 76'ers back in 2006, so I guess he's always wanted to own a sports team.


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#3 Daniel

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Posted 28 June 2013 - 11:06 AM

Instead of having a high class huckster for an owner, we'll have a high class ambulance chaser for an owner.  That's how Peter Angelos made his money, so not a big deal I suppose.


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#4 maxpower

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Posted 28 June 2013 - 11:07 AM

Always wary of mystery memos that can be quoted in length but not produced.   Would be typical of this story for it to be totally dead air.

 

Not that I necessarily want it to be.    Anyways, if $30M was accepted, the road to bust-out begins.


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#5 Triumph

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Posted 28 June 2013 - 11:10 AM

Haha that article is riddled with typos, but if this guy was unable to raise the capital to buy the 76ers, how is he going to run this team that needs a ton of debt paid down?


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#6 Devils731

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Posted 28 June 2013 - 11:11 AM

Tg has it now too.

 

http://blogs.northje...evils/#comments

 

A group headed by South Jersey attorney Andrew Barroway is in negotiations to take over controlling interest of ownership of the New Jersey Devils, a source confirmed to The Record today.

 

 


Edited by Devils731, 28 June 2013 - 11:11 AM.

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#7 maxpower

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Posted 28 June 2013 - 11:14 AM

Haha that article is riddled with typos, but if this guy was unable to raise the capital to buy the 76ers, how is he going to run this team that needs a ton of debt paid down?

 

Run it into bankruptcy by loaning JVB money he can't pay back?   Then buy it out of bankruptcy?   Dunno.   Whoever buys this team is going to have to put it into bankruptcy.


 The timetable for the completion of the sale has been estimated between a week or two and four months. - See more at: http://blogs.northje...evils/#comments

 

This reminds me of the time the weatherman told me to expect between 1 to 12 inches of snow


Edited by maxpower, 28 June 2013 - 11:13 AM.

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#8 Triumph

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Posted 28 June 2013 - 11:15 AM

Run it into bankruptcy by loaning JVB money he can't pay back?   Then buy it out of bankruptcy?   Dunno.   Whoever buys this team is going to have to put it into bankruptcy.

 

I mean, if they have $230M in outstanding debt, I think that's about the value of the team and the arena, so I don't see why Vanderbeek can't basically sell pieces of the team for nothing and have the debt serviced that way.  Then again, I'm mostly ignorant of these things in general.

 

Would be sort of amusing if Vanderbeek was kept on as the Devils' equivalent of Jay-Z.


Edited by Triumph, 28 June 2013 - 11:16 AM.

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#9 MadDog2020

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Posted 28 June 2013 - 11:16 AM

This appears to be good news.
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#10 Jerzey Devil

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Posted 28 June 2013 - 11:17 AM

I'm kind of ready for the ownership issues to be over with already. I'm tired of hearing about them. If VBK can't afford this team on his own then sell already. As long as they keep the team in New Jersey and are stable enough with their finances, I don't really care who owns the team.


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#11 maxpower

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Posted 28 June 2013 - 11:19 AM

I mean, if they have $230M in outstanding debt, I think that's about the value of the team and the arena, so I don't see why Vanderbeek can't basically sell pieces of the team for nothing and have the debt serviced that way.  Then again, I'm mostly ignorant of these things in general.

 

Would be sort of amusing if Vanderbeek was kept on as the Devils' equivalent of Jay-Z.

 

I don't think he can sell for no money, unless he's taking a salary.    He'd probably be leaving himself penniless.


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#12 DevsMan84

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Posted 28 June 2013 - 11:28 AM

ssssooooooo....... this is a good thing?  I am assuming so.


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#13 Colin226

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Posted 28 June 2013 - 11:29 AM

Damn Kosman was all over this! lolz.. Can't wait to see how much Devils bashing gets thrown into his piece, and/or his excuse for his amazing insiders not giving him the scoop on this one first


Edited by Colin226, 28 June 2013 - 11:30 AM.

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#14 Devilsfan118

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Posted 28 June 2013 - 12:06 PM

So..as others have said, this is a good thing, right?

 


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#15 devlman

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Posted 28 June 2013 - 12:09 PM

I mean, if they have $230M in outstanding debt, I think that's about the value of the team and the arena, so I don't see why Vanderbeek can't basically sell pieces of the team for nothing and have the debt serviced that way. Then again, I'm mostly ignorant of these things in general.

Would be sort of amusing if Vanderbeek was kept on as the Devils' equivalent of Jay-Z.

230 mill in outstanding debt? Where did you get that figure?

I think jvb has paid down much of the original debt - which was at 230 mill.

Edited by devlman, 28 June 2013 - 10:31 PM.

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#16 maxpower

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Posted 28 June 2013 - 12:09 PM

Don't even know if it's real.    So, it's hard to say either way.    I give Forbes more credit than Kosman but it's pretty much just an internet rag now.   And the editing on that story is fugly.   I still think JVB rides the train into bankruptcy during the 14-15 season like the original debtwire story made it out to be... until anything else actually happens.


Edited by maxpower, 28 June 2013 - 12:11 PM.

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#17 ZeroGravityFat

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Posted 28 June 2013 - 02:14 PM

Hope they don't turn the team into a superstar buy team, as long as the reins are with Lou and scouts, more money no problems.


Don't even know if it's real.    So, it's hard to say either way.    I give Forbes more credit than Kosman but it's pretty much just an internet rag now.   And the editing on that story is fugly.   I still think JVB rides the train into bankruptcy during the 14-15 season like the original debtwire story made it out to be... until anything else actually happens.

 

It's real, TG said the sources confirmed to the Record. He doesn't post rumors from other places.


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#18 MadDog2020

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Posted 29 June 2013 - 01:24 PM

Tom Gulitti ‏@TGfireandice
A short follow-up from yesterday on Andrew Barroway group and share of Devils they might buy. Could be controlling interest, could be less.

Tom Gulitti ‏@TGfireandice now
A lot of moving parts and possible other partner(s) involved. Vanderbeek still a factor in that.
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#19 SterioDesign

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Posted 29 June 2013 - 01:31 PM

this seems to be good news. If anything happen and put back the Devils on track with enough money to be able to pull off moves. How i wish it would have happened like a month ago so that Lou has full control of the situation as much as he could. Must be hard to follow when you have an internal budget


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#20 vadvlfan

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Posted 29 June 2013 - 02:10 PM

this seems to be good news. If anything happen and put back the Devils on track with enough money to be able to pull off moves. How i wish it would have happened like a month ago so that Lou has full control of the situation as much as he could. Must be hard to follow when you have an internal budget

I don't think Lou has been hampered by any of this. (good times or bad) Lou and UFA's typically don't agree on "their" perceived value. " If someone else is willing to pay you that?.... go for bit. (Martin,Gionta, Gomer,Driver) 


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