36 replies to this topic

[HellOnICE]

March 15, 2003 -- EXCLUSIVE

Puck Holdings, Ltd., the YankeeNets affiliate that owns the Devils, wants to pass the puck, The Post has learned.

According to a source with strong connections to the NHL, Puck Holdings and Devils Chairman Raymond Chambers are in "serious ongoing discussions with a business person with local interests" about selling the Devils just under three years after having purchased the club from John McMullen for a staggering $195 million.

The source did not reveal the interested party's identity, but said the individual was a new player in the professional sports market and, as far as the source knows, is interested in buying the team for the purpose of keeping it in New Jersey. The Devils' lease with the New Jersey Sports Authority runs through the 2006-2007 season.

Additionally, the source said Chambers has privately admitted that buying the team was "a terrible mistake," and as such is willing to sell it for perhaps as little as $100 milion.

YankeeNets is exploring the Devils sale as it negotiates a deal to get the Yankees carried on Cablevision on terms that will bring in a lot less money than the sports network originally hoped for.

Puck Holdings Ltd. owes McMullen a final $35M payment next year to complete its obligation to the Devils' original owner.

Team CEO, president and general manager Lou Lamoriello offered no response when contacted last night by The Post.

"I appreciate the opportunity," Lamoriello said, "but I'm not going to comment."

McMullen was able to reap such a windfall in turning over the franchise — generally valued at the time by industry experts at $135 million — because of the club's perceived value as the hockey tenant of a projected new arena in Newark.

Chambers, who led a group of investors who had purchased the Nets in 1998, and is regarded as a philanthropist interested in revitalizing Newark, believed the arena would be the centerpiece of the urban renewal effort. He wanted the latest amenities and expanded luxury box seating, to significantly increase the Devils' and Nets' revenue streams.

Continental Airlines Arena, where the Devils play, is the fourth oldest building in the NHL behind Pittsburgh's Mellon Arena, Madison Square Garden and the Nassau Coliseum.

But the construction of the Newark arena is now regarded as an extremely doubtful proposition at best, with YankeeNets investors unwilling to supply the approximate $135 million in private funds required for the project.

Added to severe financial losses the Devils have sustained this season and the 2004 expiration of the collective bargaining agreement that is almost certain to provoke a work stoppage that will cancel the entire 2004-2005 season, Chambers and his partners — the full list of investors has never been made public — are seeking to get out of the hockey business as soon as possible.

[Rock]

So if true, this answers a few questions about the goings on recently. Until I see another source, and not some paper quoting The Post article, there will be some doubts on my part.

[westcoastdevfan]

I can't believe this. If it's true I am glad the parties interested want to keep the team in Jersey.

[NJayDevil]

If the party that keeps the Devs in jersey, I welcome them with open arms.

[Triumph]

It is believable.. but if they sell the Nets and the Nets decide to move to Long Island, the Devils could be forced to move.

There's really nowhere to move the Devils. All of the good markets are filled, and IMO anywhere they move would give them a slight boost.. but not enough to make it seriously worthwhile to move.

Everyone should be careful what they wish for, though.. this current ownership has let Lou spend whatever he wants, or so it appears, and I imagine if new ownership came in, Brodeur would be gone, and Stevens would not be re-signed after next year. The Devils should be around 15th in the league in spending, not 7th.

[DevilMinder]

They could be moved temporarily so that CAA can be upgraded a bit if Newark falls apart.

[NJayDevil]

Think they would do what the Yanks did back when Yankee Stadium was remodeled, they went to Shea and played?

Like the Devs would go to either the Island or MSG to play their games while the CAA is being made a better place (and taking down those Clown banners)?

['7']

The source did not reveal the interested party's identity, but said the individual was a new player in the professional sports market and, as far as the source knows, is interested in buying the team for the purpose of keeping it in New Jersey

that's all I need to hear..............could it be Donald Trump? or did he already own a franchise?

They could be moved temporarily so that CAA can be upgraded a bit if Newark falls apart.

yea but where? hartford? long island? MSG? hey, the philly spectrum is still standing

"I appreciate the opportunity," Lamoriello said, "but I'm not going to comment."

thanks for the info Lou <_<

['7']

they need to lower the ceiling at CAA, it would make that place a little less cavernous and a lot louder.

[Triumph]

very true ^7^, I think that's part of why Devils games tend to be so quiet.. the acoustics contribute to fan apathy.

[westcoastdevfan]

I agree but I think it would be louder if some fans showed up. How many playoff games will it take before the first sellout?

[DevilMinder]

Yea, they do stink. In some arenas you can here the fans talking. It maintains a certain noise level. As opposed to CAA where you have to scream to be heard.

And why in the heck do they have all those circus type banners ugh!

[DevilMinder]

Time to get over the sellouts people. The economy is worse and the interest is going down not up. I doubt they will see any sellouts this year.

[NJayDevil]

If this team makes it to the ECF and SCF, then we will finally see sellouts.

Think today will be a sellout?

[Triumph]

I don't think the sellouts matter, WCDF, an arena of 13,000 should be able to make some noise. Part of the problem is that the sound gets lost in the ceiling.. so the building has no energy as a result..

[NJayDevil]

And those clown, elephant, basketball player with the purple arm banners don't help either. Absorb energy and noise.

['7']

2 of loudest arena's in NHL history, Miami Arena and Boston Garden, both seated about 14,500. But everything was packed so tight and close to the ice, the noise level was deafening.

[Zamode]

I'm with Rock but it has some degree of slight believability, so we'll see. The main thing is keeping the team in NJ. Shudder at any other thought.

[Pepperkorn]

Hmm...looks like it's time to start playing the lottery!

[SpeakoftheDevil(s)]

just thinking....., but what would become of Lou should this deal go through?