Post by rabenga on Sept 12, 2011 15:25:31 GMT -6
www.nj.com/devils/index.ssf/2011/09/devils_default_on_100_million.html
The Devils have defaulted on a $100 million loan payment due Sept. 1, the New York Post reported this morning. The Post report says the default could open the door for lenders to "push the team into bankruptcy."
The default is an ominous sign for the Devils, whose financial difficulties have been starting to accumulate.
Ray Chambers, who has a non-controlling 47-percent stake in the team, has been looking to sell for over a year after a fallout with principal owner Jeff Vanderbeek.
The Devils, worth an estimated $218 million in the latest Forbes valuation of NHL franchises, have been losing money due to declining attendance and loans related to the Prudential Center, according to Forbes.
The Devils denied in February a report that Vanderbeek was looking to sell the team.
The team and city of Newark have also waged a prolonged battle over money owed the city for rent on the arena.
The Devils open training camp this week.
The Devils have defaulted on a $100 million loan payment due Sept. 1, the New York Post reported this morning. The Post report says the default could open the door for lenders to "push the team into bankruptcy."
The default is an ominous sign for the Devils, whose financial difficulties have been starting to accumulate.
Ray Chambers, who has a non-controlling 47-percent stake in the team, has been looking to sell for over a year after a fallout with principal owner Jeff Vanderbeek.
The Devils, worth an estimated $218 million in the latest Forbes valuation of NHL franchises, have been losing money due to declining attendance and loans related to the Prudential Center, according to Forbes.
The Devils denied in February a report that Vanderbeek was looking to sell the team.
The team and city of Newark have also waged a prolonged battle over money owed the city for rent on the arena.
The Devils open training camp this week.
