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08-10-2013, 09:21 AM
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A Fistful of Dollars
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Josh Harris, a Philadelphia businessman who has built a fortune buying down-on-their-luck companies, will likely be the next owner of the New Jersey Devils, arriving to rescue an organization steeped in its own financial troubles, according to two officials with knowledge of negotiations between Harris and the club.

Both people requested anonymity because the deal needs to be approved by the National Hockey League. Perhaps more critically, a queue of creditors owed more than $200 million needs to sign off on the deal.

For now, Harris and Devils owner Jeff Vanderbeek have agreed on a sale price for the club. While the exact details were unclear, it is probably more than $240 million, enough to cover debt payments, including $30 million the Devils borrowed from Andrew Barroway, a lawyer who is also from Philadelphia, to help the organization pay its bills the last several months.

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