Devils default on $100 million loan, according to reports | NJ.com
Swell. Can my team start a season without some major distraction for a change? Next summer will be the 'Zach Parise' mess, whether we sign him or don't...Vanderbeek seemed like a good owner but he appears to be in over his head. Not worried yet because that stadium ain't gonna fill itself, but this is troubling news regardless.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 team and city of Newark have also waged a prolonged battle over money owed the city for rent on the arena.