New Jersey Devils Secure New Financing via CIT Group
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01-03-2013, 11:58 AM
Join Date: Sep 2004
Location: North of the Tank
Financial details of the ownership transfer were not available due to a confidentiality agreement. Brick City LLC had stopped funding the team more than a year ago, so Vanderbeek was already the Devils’ sole financer. Vanderbeek’s new title is Chairman of the New Jersey Devils and New Jersey Devils Arena Entertainment LLC. “Managing partner” has been dropped from his title because he has no partners.
With CIT group working as the lead arranger, Vanderbeek has been working for months with its creditors to refinance its team debt of about $78 million. With the team’s long run to the Stanley Cup Finals last June. the success of Prudential Center in booking big act concerts such as The Who and The Rollng Stones, in combination with record-low interest rates, the Devils have already been able to pay down a significant portion of their debt.
While working through the refinancing and ownership transfer, the team received an advance of league distributions in January, 2012. That was money the team would have normally received at the end of the season, but several teams apply for and receive the advance.
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