17LikesHumpty Dumpty was pushed.Originally Posted by Kubrick
LinkBack URL
About LinkBacks
There's a LOT of speculation and not a lot of actual meat on that article. It's pretty much the same thing that was reported months ago. Look, The Devils aren't in trouble...our owner is. There is no mention of the guy waiting in the wings to buy the default loan out, which was reported on previously. That might be the only 'action' that the NHL is thinking of forcing(facilitating Vanderbeeks buyout). This has been going on for a while and it looks like Fox is just banging it out again(slow news day???). It's already been covered here Devils Default on Loan, Bankruptcy Looming???? and nothing really has been decided yet. Reports of their death are greatly exaggerated and all that. As far as all the rest of it, let the damned Kovalchuk thing go already you bitter bastards...and a special **** you to Doc Naysay.
dude, i thought Kovalchuk was a bad idea for both teams. so i am most definitely not bitter.
As a lifelong Dodgers fan, I can assure you, when the owner is in trouble, the team is in trouble. MLB had to bail out the Dodgers' owner when he defaulted on payroll payments due and because of his lack of cash, the team is an absolute mess. If not for the below-market-cost of homegrown talent cultivated through the draft, the Dodgers would be a last place team. Consider the fact that they had the best hitter and the best pitcher in the National League last year but they still finished around .500. No money to acquire quality depth. Well, some money but the General Manager is an absolutely lunkhead, but that's a rant for a different forum.
I'm not saying the Devils are going to fold as a franchise, I'm saying the available funds for players is absolutely going to shrink, thus affecting the on-ice product. That certainly spells trouble.
Well of course...if this were to continue unchecked I agree completely. I think its a matter of when, not if Vanderbeek has to let go...but, and I wish i could find the link, there is someone waiting in the wings to buy out his debt and therefore own the controlling interest in the team. He is a Long Island native who has been trying to purchase a team for a while. As much as I like Vanderbeek as an owner I love my team far more and I want what is in their best interests. I think he bit off more than he could chew and didn't play nice with his partners(who were critical to the $$$$ end of things). I think this is going to be more of a Tampa Bay Lightning deal than a LA Dodger thing but who knows. I think this needs to get resolved, and soon...so I am not refuting your link entirely...I just think they brought it back up without really having any solid news to add to it.
Sorry about your Dodgers by the way, but at least things are looking up.
Fire & Ice
this is the kind of doublespeak that makes me quite nervous. Thank God I have a brand new bottle of Red Stag.Commissioner Gary Bettman told reporters today at the NHL’s all-star weekend in Ottawa that the Devils are “stable”, but the league is trying to guide the team through its ownership struggle. That struggle has had financial ramifications, however, and the league has provided some assistance with that as well.
Devils’ managing partner Jeff Vanderbeek and co-owner Ray Chambers have disagreed on the direction of the organization for some time and Chambers has been trying to dump his 47 percent share of the team. The Devils also have a debt of approximately $80 million that they are in the process of trying to refinance (while continuing to make interest payments), but that process is being impacted by the ownership situation.
“The best that I can say about that is it’s no secret that the two current principle owners haven’t seen eye-to-eye for a period of time and that has had some difficult consequences in terms of the operation of the club, and we’re helping to sort all of that out,” Bettman said after today’s Board of Governors’ meeting in Ottawa. “I think it’s fair to say the club is stable, but ownership isn’t getting along and I think all of you know when ownership isn’t exactly in a good place not always good things happen. We’re going to work our way through that and we’re going to give whatever assistance we can to help that happen.”
That assistance has also included an advance of funds, but not a loan. NHL Deputy Commissioner Bill Daly said via e-mail that the league “advanced the Devils their own League distributions.” Daly confirmed that it was money the Devils were due to receive from the league anyway (as the franchise’s share of overall league revenue), but usually at a later date.
Daly called it, “Simply a timing issue” and said the Devils “have received no general League funding.”
Posting Permissions
Reply With Quote
jerseydevil
