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New Jersey Devils Owner Announces Refinancing Plan

January 3rd, 2013 at 1:31 PM
By Philip Coffey

Finally some good news for the New Jersey Devils. The club announced Thursday that owner Jeff Vanderbeek has made the necessary financing moves to retain ownership and keep the team out of bankruptcy.

From the team web site: "The Devils organization is pleased to announce that it has completed a refinancing of its credit facilities with CIT Group acting as lead arranger. The organization believes that its successful refinancing during a work stoppage demonstrates the strength of the Devils franchise and the Prudential Center, enabling it to continue to execute on its business plan. In addition, in connection with the refinancing, Jeff Vanderbeek and his affiliated entities purchased the stakes of his co-owners, Brick City Hockey and its related entities."

Statement from Jeff Vanderbeek:“Today’s announcement is good news for Devils fans though I fully recognize fans' frustration with the work stoppage. Our future is now secure and we can be confident of continued on-ice success. Our team has gone to the Stanley Cup Final 5 times in the last 17 years and following the most recent run to the Stanley Cup Final last year, we are excited about our future — for Jersey's team and Prudential Center, home to the 2013 NHL Draft.

I am grateful to Mike Gilfillan and Brick City Hockey for our former partnership. Together we shared a passion that led to the building of the Prudential Center – truly a shining jewel of a facility and in my view one of the best arenas in the entire world. The Rock is a great legacy for which we will always be proud.”

As a result of buying out Brick City Hockey, Vanderbeek is now the sole owner of the team. He picked up 47 percent of the shares of BCH, led by Gilfillan and Raymond Chambers and additional six percent that was owned by Peter Simon.

 

 

Tags: Hockey, New Jersey, New Jersey Devils, NHL

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