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Not this again...again. The Devils and Hucksterbeek's Financial Status

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ThePSEGPowerPoster said:
Safe to say the Rock saved the Devils?
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It's impossible to prove or disprove something that didn't happen, but IMO, without The Rock, the Devils would have left New Jersey by now.

The Rock was franchise-saving "Miracle II" though, winning the 1995 Stanley Cup was the first Miracle that saved the team in New Jersey.
 
NJDevs26 said:
Except that you really think Lou's still gonna be here running the hockey team if he's not in charge of the organization too? It sorta goes hand in hand imo.
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Lou has not been in charge of the business side of the organization for a while. Vanderbeek and Krezwick have been calling the shots from what I understand.
 
BenedictGomez said:
It's impossible to prove or disprove something that didn't happen, but IMO, without The Rock, the Devils would have left New Jersey by now.

The Rock was franchise-saving "Miracle II" though, winning the 1995 Stanley Cup was the first Miracle that saved the team in New Jersey.
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So when do we raise the Rock's jersey to the rafters because :D

Best news I've read all day. Great day to be a Devils fan.
 
Does anyone know if Harris has a "team" of "his guys" that would come in and "replace" some of ours?

It would be rare to have a new owner come in and just basically replace the old owner.

Anyone think JVB is kept on in some capacity?
 
mugs said:
TG reported that the Barroway group had an exclusive negotiating window until the end of July, so the Harris group couldn't have been working on this since the beginning of the summer.
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Speaking of Barroway, I think he got owned by Vanderbeek. He negotiated for a bit, did not like the deal, and appeared to be content to get the team from the league or the creditors once Vanderbeek was pushed out. It was reported that he was still interested in the team but would not deal with Vanderbeek any further.

I also think this is why, control of the arena aside, Harris may be paying more (and Vanderbeek may be walking away with a greater sum) than most of us thought. He is in on the ground floor right now with an invitation from Vanderbeek. All bets are off if the league takes over the team and a few more billionaires get interested in the team.

Harris may be paying a bit more to avoid a bidding war. What this shows, besides that Vanderbeek is a shrewd operator and should not be underestimated, is that the Devils and the arena are valuable assets worth owning.
 
Brick City said:
Speaking of Barroway, I think he got owned by Vanderbeek.
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Meh, it's business.

Plus, who's to say Barroway wont walk away with this team and not Harris? To throw out a Yogi'ism, a deal isn't a deal until it's a deal. Obviously given the reporting, it seems 95% likely Harris has it wrapped up, but until the ink hits the paper it aint done.
 
BenedictGomez said:
What a mean-spirited jerk. You'd think he'd be happy for the Devils and their fans for our good fortune on this news, without having to throw sniping little barbs in there.*

*That said, lets face it, he's right. lol
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His point about how they put a lot of the draft events in NYC because of Newark is laughable. I guess when they put a lot of Super Bowl events or outdoor game events in NYC it'll be because East Rutherford's a ghetto too. Of course they were putting stuff in NYC, it's NYC, fifteen minutes away and an easy cop-out for marketing! Not to mention the truncated nature of the draft made certain things impossible anyway.
 
BenedictGomez said:
Meh, it's business.

Plus, who's to say Barroway wont walk away with this team and not Harris? To throw out a Yogi'ism, a deal isn't a deal until it's a deal. Obviously given the reporting, it seems 95% likely Harris has it wrapped up, but until the ink hits the paper it aint done.
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Oh yeah, I'm not popping the cork until this thing is announced as a done deal.

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The New York Times just put up an article with a few additional or slightly different details:

- The deal is worth more than $320m according to a document sent to NHL owners

- Harris will assume approximately $170m in debt on the team and repay Barroway his $30m

- Vanderbeek will retain a small share of the Devils

- Harris is expected to ask Scott O'Neil, the former president of MSG Sports, to run the Devils' off-ice operations

- Lou is expected to remain president and general manager

http://www.nytimes.com/2013/08/15/sports/hockey/76ers-owner-is-expected-to-buy-the-devils.html
 
The funny thing is the NFL is putting one of their big Super Bowl week events (media day) in Newark at the Rock
 
Brick City said:
Oh yeah, I'm not popping the cork until this thing is announced as a done deal.

----------------------------------------------------------------------------------------------

The New York Times just put up an article with a few additional or slightly different details:

- The deal is worth more than $320m according to a document sent to NHL owners

- Harris will assume approximately $170m in debt on the team and repay Barroway his $30m

- Vanderbeek will retain a small share of the Devils

- Harris is expected to ask Scott O'Neil, the former president of MSG Sports, to run the Devils' off-ice operations

- Lou is expected to remain president and general manager

http://www.nytimes.com/2013/08/15/sports/hockey/76ers-owner-is-expected-to-buy-the-devils.html
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Thats perfect
 
Bruce Wayne said:
Excited that this team will be owned and funded by a billionaire. Perhaps he will want those big named superstars when they hit FA. (As rarely as that is these days...)
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Yea, because that worked out real well with the first time.

Brick City said:
Oh yeah, I'm not popping the cork until this thing is announced as a done deal.

----------------------------------------------------------------------------------------------

The New York Times just put up an article with a few additional or slightly different details:

- The deal is worth more than $320m according to a document sent to NHL owners

- Harris will assume approximately $170m in debt on the team and repay Barroway his $30m

- Vanderbeek will retain a small share of the Devils

- Harris is expected to ask Scott O'Neil, the former president of MSG Sports, to run the Devils' off-ice operations

- Lou is expected to remain president and general manager

http://www.nytimes.com/2013/08/15/sports/hockey/76ers-owner-is-expected-to-buy-the-devils.html
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Whats O'Neil's track record when it comes to that area?
 
O'Neil is the 76ers President. He was just named that in July. He oversaw the business operations of the Knicks and Rangers from 2008 to Sept. 2012
 
BenedictGomez said:
What a mean-spirited jerk. You'd think he'd be happy for the Devils and their fans for our good fortune on this news, without having to throw sniping little barbs in there.*

*That said, lets face it, he's right. lol
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Devils Trap said:
Oh he mad :laugh:
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Cowbell232 said:
I think I'm the only one agreeing with him... Haha
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I mean, it's just unnecessary. "Not the real draft experience". You mean that thing I went to where the acne-faced teenagers hugged their parents wasn't the draft? Do whole cities shut down for NHL Drafts outside of Canada? I just don't see why he's just trying to take the piss, to be honest. Spiteful really.
 
Part of the 'real draft experience' (having two days to go instead of one, which ensured more people could go and for cheaper) was wiped out by Fehr and Bettman's squabbling.
 
Sorry Newark didn't have a lot of gimmicky fan crap no one except kids likes anyway the whole draft weekend and it had to be in NYC instead, gee whiz what a horrible place to put a hockey team.
 
Here is the Times article on O'Neil stepping down as MSG president in September.

http://www.nytimes.com/2012/09/06/s...resident-of-madison-square-garden-sports.html

Apparently he was one of the key people in forcing Isiah out and he clashed a bit with Dolan. He appears to be more of a basketball guy so Lou's grip on the hockey ops is unlikely to be challenged. I am also going to guess they know and are familar with each other.
 
So BG or other financial gurus, the latest article I posted from the NYTimes above reports that Harris will be 'assuming' the $170m in debt. I can't fathom the debt merely being assumed instead of being paid down because if that is the case, Vanderbeek is walking away with a colossal amount of money. I am hoping 'assuming' means 'assuming and being paid off immediately' - anyone more familiar with these terms of art and if they are casually misused by the media?
 
So Scott O'Neil is going to be the CEO of the 76ers and the CEO of off-ice ops for the Devils?

That will be 1 very busy and highly paid man if thats true.

I am waiting to hear about some stupid rumor of the 76ers moving.
 
Devil X said:
So Scott O'Neil is going to be the CEO of the 76ers and the CEO of off-ice ops for the Devils?
That will be 1 very busy and highly paid man if thats true.

I am waiting to hear about some stupid rumor of the 76ers moving.
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I don't like the sound of that.
 
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