Newark, NJ (Sports Network) - Jeff Vanderbeek has made a deal which will allow him to retain full control of the New Jersey Devils and avoid a looming bankruptcy.
In its Thursday report, the Star-Ledger revealed the deal was settled within the last week, and that Vanderbeek was able to work with the National Hockey League and several banks -- including lead debt arranger CIT Group -- to whom he owed $178 million.
According to the paper, Brick City Entertainment, who assisted Vanderbeek in purchasing the Devils, will divest itself from any control in the team. The principals of the company, Michael Gilfillan and Ray Chambers, also helped Vanderbeek construct Prudential Center, which was opened in 2007.
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. The windfall from that title run was an estimated $32.3 million, reported the Star-Ledger.