: News Article:
Ray Chambers has agreed to pay $25 million to unload his 47 percent stake in the team
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09-25-2011, 10:32 AM
Join Date: Nov 2007
Location: Suwanee GA
Ranger fan here, do any devil fans know who, of the 2 owners, had the more money, liquid, real cash? I keep hearing that Chambers was the more liquid of the 2 and that the reason he punted was to limit his exposure to just $25 million.
The other question I have is about the amount of debt the devils have. I think one has to assume that the $25 million Chambers agreed to pay goes towards the principal that was due. Was that all that was due or only part? Also if the team is losing money each year someone had to cough up the shortfall. I also read that Chambers was tired of continually having to subsidize the operations.
If Vanderbeek remains as the sole owner does he have the money to run this team at the current levels? What constraints will the Banks put on him? Because they lose money will they make it a requirement of any loan renewal or renegotiation of him break even and cashflow on a positive basis? In order to do that will they require the team to reduce expenses? In sports the largest part of expenses is the player contracts and what impact will that have going forward in signing a Parise?
Not trying to rain on anyone's parade but I personally don't view this event as a positive for NJ if the owner leaving was the deeper pocketed owner. Since you guys are fans of the team I would be interested in hearing your insights.
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