Report: NHL to Take Over Devils With Organization in $230 Million of Debt

Patrik EliasWhen the sale of the Phoenix Coyotes went through earlier this week, it meant that the NHL no longer had to oversee the franchise. With the league out from underneath that, they’ll reportedly have to assume ownership of another franchise.

Forbes reports the New Jersey Devils are likely to be taken over by the league before the 2013-14 season begins. According to the report, the Devils are in $230 million worth of debt, and owner Jeff Vanderbeek recently missed the payment on a restructured loan.

The NHL would fund and run the club while the Devils sought a buyer, which should keep the club from filing for bankruptcy. Phoenix was forced to do so in 2009 and just recently sold the club, signaling the end of a painstaking process that dragged on for far too long.

According to multiple reports, there may already be an interested potential buyer. CBSSports.com points out that the owners of the Philadelphia 76ers could be interested in purchasing the Devils.

Yardbarker

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