Report: Devils owner close to deal to keep franchise Staff

8/16/2012 10:09:52 AM

The New York Post reports that New Jersey Devils owner Jeff Vanderbeek is close to an agreement with lenders that would allow him to remain in control of the hockey club.

The report adds that the deal - a new $160 million loan which was still being finalized on Wednesday night - would give Vanderbeek two more years to refinance the team's debt or sell it.

According to The Post, the Devils' debt under this loan would be combined with loans against Devils Arena Entertainment, the group that collects concession revenue from events held at the five-year-old Prudential Center.

Vanderbeek used his own money to inject new cash into the franchise and raised enough money from new investors to pay off some lenders who didn't want to take part in the proposed restructuring.

Vanderbeek and the Devils have been in financial trouble since he missed an $80 million loan repayment in September.