Since before the arena was opened, Vanderbeek was also battling over a revenue sharing deal with Newark Mayor Cory Booker, who called Vanderbeek a "huckster and hustler" in a public spat last year.
Now Vanderbeek will host Booker's election night celebration at the arena but it is likely to be one of the last events he oversees as the sole franchise owner.
The Devils have been struggling to pay their bills for months, officials said, and rumors of a team sale have been circulating for more than a year. Each time a deal came close to fruition it was scrapped at the last minute.
Now, the team will require a significant influx of cash to meet its debt obligations. Even if Vanderbeek receives assistance, a new owner or group of owners will likely be in place at the start of the season in October.