New Jersey Devils Owner Jeffrey Vanderbeek Denies Rumors on Potential Sale

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According to New Jersey Devils owner Jeffrey Vanderbeek, reports of his willingness to sell the team have been exaggerated some.

On Tuesday, the Devils cleared up some allegations after an earlier Bloomberg report that claimed he was looking to sell the team. He voiced that he had no intention of selling the Devils, regardless of his business partners’ plans.

"As managing member of the New Jersey Devils, it is not my desire to sell the team," Vanderbeek, the former executive VP of Lehman Brothers said, according to ESPN.com. "My partner, Brick City, and I have different visions for the franchise.”

The report stated that he sent letters out to prospective buyers. Considering that the source requested to remain anonymous, enough was speculated to question the facts presented to the public.

Controlling interest remains in the hands of whoever has 50 percent ownership, being that of Vanderbeek. Brick City Hockey LLC., the name given to the share between Ray Chambers and Mike Gilfillan, holds less of a threat to the future of the Devils.

Differences were smoothed out in the summer of 2009 between Vanderbeek and Gilfillan, according to Bloomberg, leaving the option up in the air for Brick City to sell part of or its entire share of the team.

“While Brick City has a right, under our partnership agreement, to explore a sale and Moag & Co. has been retained to assist in these efforts, I anticipate maintaining a controlling interest,” Vanderbeek stated.

Vanderbeek, 53, bought the team in 2004 for $125 million, after being a season-ticket holder since the 1980s. According to Forbes Magazine the Devils’ value has increased to $218 million. The Toronto Maple Leafs remain the highest-valued NHL franchise at $505 million.

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