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Lou: Change of Ownership Imminent


Derlique
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Surprised with the Vanderbeek hate.

He risked his personal finances to keep the Devils in NJ. Hope my hometown has someone like that when our OHL team comes up for sale.

 

I'm very appreciative for all that Vanderbeek's done for this organization. Getting the Devs into the Rock was huge.

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I really like JVB. The guy is a fan, first and foremost, and put a lot on the line to get the Rock built and ensure this team remains in NJ for the foreseeable future. He also helped with fan relations during his tenure, and made being a STH a worthwhile venture (its still not perfect, but its better). He should be commended for that.

However, it is clear he is not in the financial position to be the sole owner going forward. It is time for a change in ownership to stabilize the teams financials. I just hope this consortium of lawyers are viable owners.

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Surprised with the Vanderbeek hate.

He risked his personal finances to keep the Devils in NJ. Hope my hometown has someone like that when our OHL team comes up for sale.

In the end, JVB did more good than bad. But the personal $ he put up was mostly leveraged lehman options that lost a great deal of their value when he took out te big loans to buy the team. His true liquid position was never that great - certainly not what you would expect of a franchise owner. It also doesn't help that he's always taken a huge "management fee" as a salary that is on the devils books keeping them in the red. Owners taking a salary is fairly common but from what I've heard, never to the extent that JVB did.

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If Vanderbeek is bouncing player checks, he's got to be gone sometime soon.  It was reported in late June, Lou's saying it - seems like it is going to happen.

 

Also re trading Kovalchuk - even if they had managed to do that, I cannot see how that would leave NJ in better shape than they're in now.

It's quite simple. Teams swap assets in a trade.

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Surprised with the Vanderbeek hate.

He risked his personal finances to keep the Devils in NJ. Hope my hometown has someone like that when our OHL team comes up for sale.

 

I'm very appreciative for all that Vanderbeek's done for this organization. Getting the Devs into the Rock was huge.

As am I. Love Vanderbeek, I wish he could stick around. It's an unfortunate situation. I'll always appreciate the risks he took in order to make sure the team stayed in Jersey.
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It is time for a change.

Agreed, time for change and a reorganization...I just wanted to point out that hating the guy who took the franchise to a another level was a bit surprising.

I'm not saying you...just some posts I've seen lately.

Sent from my Galaxy TAB using Tapatalk 2

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It also doesn't help that he's always taken a huge "management fee" as a salary that is on the devils books keeping them in the red. Owners taking a salary is fairly common but from what I've heard, never to the extent that JVB did.

 

Do you have a source/figure for this claim?

Not doubting you, just curious.  Had no idea he was taking a large salary.

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Do you have a source/figure for this claim?

Not doubting you, just curious. Had no idea he was taking a large salary.

No written sources but certainly from people in the know. Let's put it this way, it's not some girl who saw ferris pass out at 31 flavors last night. Former lehman guys. Connections to the team, etc.

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Agreed, time for change and a reorganization...I just wanted to point out that hating the guy who took the franchise to a another level was a bit surprising.

I'm not saying you...just some posts I've seen lately.

Sent from my Galaxy TAB using Tapatalk 2

 

Not trying to argue but what increased level did Vanderbeek take the devils hockey team to?

 

I don't think they won a cup with him as owner?

I think they missed the playoffs 2 years he was owner?

 

I think they bounced out in round one with him as owner?

 

He gets credit for not letting the team leave NJ. I never thought the team was going to leave NJ, that was all posturing.

 

We did get the ROCK with him as owner but as much credit or more goes to the City of Newark.

 

When an arena needs both an NBA and NHL to be financially sound how did he let the Nets go to Brooklyn on his watch?

 

 

Just saying so it isn't hate  just the reality that he was just OK.

 

He was a big and I assume still is a Devils fan.

 

He had money and saw a way to make more money but his world crumbled.

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Not trying to argue but what increased level did Vanderbeek take the devils hockey team to?

 

I don't think they won a cup with him as owner?

I think they missed the playoffs 2 years he was owner?

 

I think they bounced out in round one with him as owner?

 

He gets credit for not letting the team leave NJ. I never thought the team was going to leave NJ, that was all posturing.

 

We did get the ROCK with him as owner but as much credit or more goes to the City of Newark.

 

When an arena needs both an NBA and NHL to be financially sound how did he let the Nets go to Brooklyn on his watch?

 

 

Just saying so it isn't hate  just the reality that he was just OK.

 

He was a big and I assume still is a Devils fan.

 

He had money and saw a way to make more money but his world crumbled.

 

Just curious, since JVB doesn't own the Nets, what could he have done?

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Just curious, since JVB doesn't own the Nets, what could he have done?

 

Don't feed the troll.

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Just curious, since JVB doesn't own the Nets, what could he have done?

There's nothing he could have done.. The Nets were already set to go to Brooklyn before they agreed to play at the Rock.. And to that point, Jeff was great in making the deal with NJSEA to even get 2 seasons of Nets basketball in his building

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There's nothing he could have done.. The Nets were already set to go to Brooklyn before they agreed to play at the Rock.. And to that point, Jeff was great in making the deal with NJSEA to even get 2 seasons of Nets basketball in his building

 

Once the Nets were sold to Ratner, there was nothing that JVB could do to stop them from moving to Brooklyn.  His only hope was that the opposition to the Barlcay's arena project would somehow win in court and stop the project from moving forward based upon their challenge to the ridiculous "eminent domain"/"blighted area" decision (how a government can take your private property to turn it over to another private owner, is beyond me).  Once they lost, the Nets were goners.

Oh I am totally expecting a far-fetched and completely illogical answer.

 

Logic, reason and LD are not words that you will ever see together in the same sentence.

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Once the Nets were sold to Ratner, there was nothing that JVB could do to stop them from moving to Brooklyn.  His only hope was that the opposition to the Barlcay's arena project would somehow win in court and stop the project from moving forward based upon their challenge to the ridiculous "eminent domain"/"blighted area" decision (how a government can take your private property to turn it over to another private owner, is beyond me).  Once they lost, the Nets were goners.

 

You forgot to point out the fact the owner gets compensated fair market value, so I am not really crying for those people.  There are entire cities where I wish they were siezed via eminent domain.

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It's quite simple. Teams swap assets in a trade.

 

And you think Kovalchuk is an asset with 12 years left on his deal coming off a year where he had the lowest scoring rate of his career and suffered an injury (this after being injured in the playoffs the year before).

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And you think Kovalchuk is an asset with 12 years left on his deal coming off a year where he had the lowest scoring rate of his career and suffered an injury (this after being injured in the playoffs the year before).

 

It's the Luongo situation all over again. There aren't gonna be any "hockey" trades out there. You dump him for a 7th rounder at most so it's essentially the same. Gillis tried to trade Luongo for a solid asset like Bjugstad but other teams said no dice. Same thing would happen w/ Kovy

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If Vanderbeek is bouncing player checks, he's got to be gone sometime soon.  It was reported in late June, Lou's saying it - seems like it is going to happen.

 

Also re trading Kovalchuk - even if they had managed to do that, I cannot see how that would leave NJ in better shape than they're in now.

I assumed the cap recapture penalty would then, for the most part, fall to the team that acquires him. Is that not the case? I just figured it works where the team that gets the benefit, gets the penalty. A trade, while it may not have helped us this instant, could definitely have given us a 1st rd pick in the next draft.

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