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New York, NY (Sports Network) - Jeff Vanderbeek is on the verge of completing a deal which will allow him to retain control of the New Jersey Devils.

In its Thursday report, the New York Post cited sources which stated the proposed pact will allow Vanderbeek two more years to either refinance the team's debt or sell the franchise.

According to the paper, details were still being formulated, but the crux of the deal involves combining the club's massive debt with loans taken out on the collection of concession revenues into a single loan of $160 million.

Vanderbeek has come under fire since last September, when the Devils failed to deliver an $80 million loan payment, but the former Wall Street executive had dipped into his own coffers to pay off lenders who did not wish to join the new restructuring effort, said the Post.

Despite the financial turmoil, New Jersey appeared in its fifth Stanley Cup Final in June, losing a six-game series to the Los Angeles Kings.