Not this again... Devils in financial trouble?

[SeidoN]

So yeah, about this.

i know right? someone book the tickets to Quebec

 

[Saugus]

Someone tell Kosman to go piss up a rope.

 

[NJDevs26]

Maybe the team really is in the process of being sold lol. Or VBK won MegaMillions. Or the Post (and BG) have even more egg on their face.

 

[glenwo2]

Can this thread FINALLY be locked now?


I think it's well been established that the Devils do NOT have Financial issues.


The recent Draft and signings point to this....

 

[Wingman77]

Can this thread FINALLY be locked now?


I think it's well been established that the Devils do NOT have Financial issues.


The recent Draft and signings point to this....

But we're still waiting on the final details and such regarding the new owner and who has how much ownership stake, etc

 

[CerebralGenesis]

Guys, you all have your heads in the sand. The team is broke, look at what the post has learned.

Just look at our previous year's spending history, we're gonna be a cap floor team.

 

[glenwo2]

Guys, you all have your heads in the sand. The team is broke, look at what the post has learned.

Just look at our previous year's spending history, we're gonna be a cap floor team.

You so crazy, CG.


But anyway, there is no need to keep this thread going. I don't really care who would be an owner or not. As a Devils fan, all I care about is that Lou SIGNS Players to help the Devils Team WIN GAMES.

And he did that, both through the Draft, and Free Agency.

PLUS, so long as there's zero chance of the franchise moving, I could care less who becomes the owner.

 

[Colin226]

Guys, you all have your heads in the sand. The team is broke, look at what the post has learned.

Just look at our previous year's spending history, we're gonna be a cap floor team.

Don't worry.. I guarantee Kosman is in contact with his "sources" and the team is just putting itself further into turmoil.. Lou has a spending addiction that Jeff just can't control.. $10 says we get sold during a poker game down at Revel

 

[guyincognito]

I'm sure Rupert Murdoch is on to plan B. "HE'S A SATANIST!"

 

[DevilChuk*]

Devils now have the 7th highest payroll in the NHL.

I don't think a team under NHL would be allowed to do that. Conversely, the Coyotes have the 7th lowest payroll AND they had a rather big day today.

 

[DevilChuk*]

someone tweet https://twitter.com/joshkosman and ask for a follow-up story. Would actually really like to see his take on the Devils significantly expanding their payroll (and his spin, of course).

 

[Cowbell232]

The team is being sold. Period. It just doesn't have an affect on hockey ops.

 

[Colin226]

The team is being sold. Period. It just doesn't have an affect on hockey ops.

Does this maybe indicate that the next owner has a good amount of cash? I would think during a sale you can't just take on a ton of payroll and leave it to the next guy to pick up the tab.

 

[Cowbell232]

Does this maybe indicate that the next owner has a good amount of cash? I would think during a sale you can't just take on a ton of payroll and leave it to the next guy to pick up the tab.

Why not? It's not like ticket sales, concessions, etc don't make enough to cover hockey ops. And a new owner is going to want a competitive team, not a bargain basement payroll loser.

The current ownership problems lie in the debt of the arena and the fact that he's a fan and a banker, not an arena or hockey guy...

 

[None Shall Pass]

We r t3n poorz

 

[glenwo2]

The team is being sold. Period. It just doesn't have an affect on hockey ops.

Again, I could care less that it's being sold so long as the franchise isn't moved.

 

[Wingman77]

Tongue-in-cheek article about our financial situation: http://www.lighthousehockey.com/2013/6/24/4454148/new-jersey-devils-debt-gandolfini-tribute-hockey-satire

"This arrangement will finally allow our team the financial flexibility we need to compete," Devils general manager Lou Lamoriello said in a conference call with media this morning. "These partners aren't simply business associates. They're more like a family."

Although the names of the businessmen are being withheld per Devils' team policy, Lamoriello confirmed on the call that the partners are "100% legitimate" and indicated that they could be based in either the sanitation or construction industries.

"These men are New Jersey natives and Devils season ticket holders and that's important to us," Lamoriello said. "They have had great success in waste management and civil engineering and are pillars of the community. But we don't see this as a monetary transaction. We prefer to think of it as 'this thing of ours.'"

 

[ThePSEGPowerPoster]

Yes!

 

[Emperoreddy]

Don't worry.. I guarantee Kosman is in contact with his "sources" and the team is just putting itself further into turmoil.. Lou has a spending addiction that Jeff just can't control.. $10 says we get sold during a poker game down at Revel

Not the Showboat?

Honestly I Kosman's source will find we got lost in a bet at Yonkers Empire City casino. Because of course.

Also we will be the Islanders farm time by Thursday.

 

[dougiebrown]

Guarantee you that Kosman's next article, because predictable is his middle name, will be: "Devils Deal In Doubt As Spending Spree Worries Prospective Investors."

 

[Zajacs Bowl Cut]

waiting to hear comments from a certain someone after tall the spending the past week or so.

 

[Saugus]

Tongue-in-cheek article about our financial situation: http://www.lighthousehockey.com/2013/6/24/4454148/new-jersey-devils-debt-gandolfini-tribute-hockey-satire

Brilliant stuff.

 

[BenedictGomez]

And if they're 0% correct? What has the Post actually predicted that turned out to be right?

Lots. JVB is in trouble. The Devils missed a loan payment right after restructuring. The team is actively seeking a buyer. Talks have heated up recently in terms of the velocity of seeking that sale, etc... For the life of me, I dont understand why people have such a problem with NYP or Forbes attempting to dig out details.

So you've basically been anti-Newark from the beginning.

You're missing the entire point. I'm not pro or anti Newark, this isnt "emotional" for me. The point is that the financials of this deal never made sense from day 1. Recession or not, the Devils were never going to turn this into a profitable venture with the level of debt they assumed and with their miniscule operating income. Time is now a factor as well. They really need that political cesspool of an ancient and crumbling structure in the Meadowlands to close permanently, but IMO, I'm not even sure if that would be enough at this point.

 

[guyincognito]

Lots. JVB is in trouble. The Devils missed a loan payment right after restructuring. The team is actively seeking a buyer. Talks have heated up recently in terms of the velocity of seeking that sale, etc... For the life of me, I dont understand why people have such a problem with NYP or Forbes attempting to dig out details.

They're also going to go into the season with a payroll over the cap. So the two things, um, kinda don't wash.

 

[BenedictGomez]

They're also going to go into the season with a payroll over the cap. So the two things, um, kinda don't wash.

You're (and a lot of others in this thread it seems) conflating immediate operational funding with long-term financial concerns. Two completely separate matters. Obviously if the Devils went from a high-spending team to a 2¢ above cap floor team that would likely be a circumstantial sign of a problem, but just because they can fund a hockey payroll close to cap certainly doesn't mean they don't have financial problems.