Bettman: Devils are making progress with financial situation
The New Jersey Devils are having a tremendous playoff run, but their off-ice situation isn’t quite as rosy. The team reportedly has about $80 million in debt, but according to NHL commissioner Gary Bettman, progress is being made.
“The New Jersey situation as we understand it at its most up to date point is that the club, (managing partner) Jeff Vanderbeek is working on both refinancing the debt on the club and an equity raise and he appears to be fairly confident that he can pull this off in due course in the next few weeks,” Bettman said. “Since I’ve been in touch with the banks on a regular basis, we seem to be on track.”
Bettman also rejected a report that the Devils need to refinance or settle their debt by July 1. He wouldn’t provide a specific deadline, but he did say that it was “after that.”
It’s worth adding that Ray Chambers is interested in selling his 47% stake in the team.
This financial situation might make Devils’ fans nervous as Zach Parise’s contract is set to expire this summer. However, Parise has previously been told that the team’s financial issues will not make a difference with regards to his situation.