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Old
12-30-2012, 10:34 AM
  #976
Scott04
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Originally Posted by Colin226 View Post
Wow so I guess that means the Devils will continue getting great TV deals, especially if we can get YES to try and outbid MSG next time around
They'll definitely continue to have a rather lucrative deal (as they do now) because its in MSG's best interests to have a total monopoly on NHL hockey in the area. That's a big part of why its so favorable for the 3 teams now. And with one of those 3 teams being under the same umbrella as the network makes the accounting of it all worth doing. I'm sure it is anyway, but its definitely nice for them when the profits from the network, and the biggest draw of the three teams (talking purely by TV ratings which trickles down to other aspects of revenues) all stays under the same corporation's bottom line. I don't know how it would benefit the Devils were YES or SNY outbid MSG the next time around, but it does likely come off as a bridge burning of sorts... which may not be the best move in the long term. I don't know enough of the specific deal to say. Aren't they locked into the current deal with MSG for a long time though? Or am I wrong on how many years are remaining in the deal? Odds are its a bad business move for the Devils to look elsewhere anyway, especially since they got that advance on the TV deal for debt issues this past year (or did that not happen/I'm making this up/losing my mind?)

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12-30-2012, 11:06 AM
  #977
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This whole TV conversation is academic anyway, since our rights are under contract for more than another decade.

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12-30-2012, 11:36 AM
  #978
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I hate MSG. Lets continue to talk about it lol

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Old
12-30-2012, 11:50 AM
  #979
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This whole TV conversation is academic anyway, since our rights are under contract for more than another decade.
Right, we have the deal for longer than Kovy will be with the team lol but its interesting to talk about since it's a crucial aspect to the team's financial strength and future ownership going forward

Thanks for the info Scott.. I was worried that MSG losing their HD sports monopoly (and subsequently some subscribers to FiOS) might hurt the Devils deal but hey, if they are making $170 mil on MSG+ alone before ad revenue then if anything, we should see at least an inflationary increase to our current deal next time around

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12-30-2012, 12:06 PM
  #980
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Right, we have the deal for longer than Kovy will be with the team lol but its interesting to talk about since it's a crucial aspect to the team's financial strength and future ownership going forward

Thanks for the info Scott.. I was worried that MSG losing their HD sports monopoly (and subsequently some subscribers to FiOS) might hurt the Devils deal but hey, if they are making $170 mil on MSG+ alone before ad revenue then if anything, we should see at least an inflationary increase to our current deal next time around
I haven't looked into it in the last year or two, but I would assume MSG will continue to provide what would likely be the most lucrative deal for as long as they want to keep the team on their networks. When MSG became a public company a couple years back, their financial statements obviously became public. Since I was interning with the company at the time I was intrigued enough to check it out. I was baffled at how much of the company's revenues came from the Media segment (which all of their networks fall under). They're swimming in money in that area and can definitely afford these big TV deals. And by the same token, those deals probably help their sports segment (which the teams obviously fall under) remain roughly net neutral. If I learned anything from my time there, the company is swimming in money, which explains why they're paying 100% of this massive renovation project without looking for any tax payer money.

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01-03-2013, 10:20 AM
  #981
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Tom Gulitti ‏@TGfireandice
Expecting announcement from Devils today that Jeff Vanderbeek now owns 100 percent of the team and refinancing of debt complete.

Tom Gulitti ‏@TGfireandice
Vanderbeek has bought out the shares of Brick City LLC (Gilfillan/Chambers) and Peter Simon (6%).

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01-03-2013, 10:20 AM
  #982
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@TGfireandice

Expecting announcement from Devils today that Jeff Vanderbeek now owns 100 percent of the team and refinancing of debt complete.

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Old
01-03-2013, 10:21 AM
  #983
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01-03-2013, 10:22 AM
  #984
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I'm taking this as he either feels 100% comfortable in his finances with the team going forward, or he's gearing up to sell some/majority of his shares

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01-03-2013, 10:25 AM
  #985
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I'm taking this as he either feels 100% comfortable in his finances with the team going forward, or he's gearing up to sell some/majority of his shares
Well, yeah...

I'm willing to be he moves part of the arena. It's a better long term deal for everyone.

And holy ****. I can't believe he even got Simon out. There's something afoot based on that. He's been a part of the team for ever...

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01-03-2013, 10:25 AM
  #986
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Quote:
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I'm taking this as he either feels 100% comfortable in his finances with the team going forward, or he's gearing up to sell some/majority of his shares
I'm hoping he is.

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01-03-2013, 10:26 AM
  #987
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Well, yeah...

I'm willing to be he moves part of the arena. It's a better long term deal for everyone.

And holy ****. I can't believe he even got Simon out. There's something afoot based on that. He's been a part of the team for ever...
Maybe he can't sell the team unless he was selling the whole team?

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01-03-2013, 10:34 AM
  #988
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Maybe he can't sell the team unless he was selling the whole team?
I don't think he'd have an interest in selling the whole team, to be honest. Especially not after all this nonsense, getting the arena built, going on a SCF run... Maybe the politics has got to him though.

Buying a sports franchise like this isn't an investment, it's completely emotional. I'm sure he knew that going in.

I think it's likely that to remain the controlling partner, he would need to dictate the terms of the sale of what ever portion Chambers, et al owned. It's probably a lot easier to do that as the direct seller, not a third party.

WARNING: MILD SPECULATION HERE: The other thing about this is Simon was a HUGE LBO guy. I mean, depending on whom you ask, he might not have invented it but he made literal **** tons of money off LBOs. Ray Chambers, IIRC, was a sort of protege of him in the same vein. Then Gifilan gets involved as a third-generation LBO and Chamber's son-in-law. I'm guessing that Simon got out because of his relationship with Chambers, which probably strained his relationship with Vanderbeek.

Edit: I can confirm, 100%, that Simon (specifically his late father) and Chambers are close friends. They co-owned a company called 'Wesray' together that made an incredible amount of money through LBOs. (http://en.wikipedia.org/wiki/Wesray_Capital_Corporation)

Completely unrelated speculation: I think you're going to see Lou retire by August 2015. Two more complete transition seasons, then he's gone. As a direct result of this.


Last edited by Cowbell232: 01-03-2013 at 10:42 AM.
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01-03-2013, 10:37 AM
  #989
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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.

In a news release obtained by The Record, the team states, “The organization believes that its successful refinancing during a work stoppage demonstrates the strength of the Devils franchise and the Prudential Center, enabling it to continue to execute on its business plan.”
Jeff mother****ing Hucksterbeek

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01-03-2013, 10:43 AM
  #990
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I don't believe any of this until I see what the New York Post has to say about it.

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01-03-2013, 10:47 AM
  #991
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Google is interesting:

http://www.gbruceknecht.com/1995/09/...nged-his-life/

Apparently Simon Sr. and Mr. Ray Chambers didn't get along that well all the way back 1985. I wonder what Simon has to do with the falling out of these parties. This is like a soap opera.

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01-03-2013, 10:47 AM
  #992
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I don't believe any of this until I see what the New York Post has to say about it.
lol'd

also

Quote:
Tom Gulitti ‏@TGfireandice
In addition to paying down a lot of team debt, which was about $78 million, it has now been combined with arena debt as part of refinancing.

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01-03-2013, 10:48 AM
  #993
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I see some big piles of crow have been cooked up

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Old
01-03-2013, 10:52 AM
  #994
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Old
01-03-2013, 10:53 AM
  #995
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As long as the Devils can operate a payroll AT the cap... I am cool with this.

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01-03-2013, 10:54 AM
  #996
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So...No Baconators?

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01-03-2013, 10:55 AM
  #997
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Good thing about the 60M cap is that we were here already. Wonder if JVB is telling other suitors to fly a kite now.

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01-03-2013, 11:00 AM
  #998
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So...No Baconators?

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01-03-2013, 11:02 AM
  #999
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Hooray!

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Old
01-03-2013, 11:21 AM
  #1000
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Not sure how many others have received this yet, but I just received an email from the Devils about the financial situation.

Subject: Message from Jeff Vanderbeek


Dear Scott (that's me!):

The Devils organization is pleased to announce that it has completed a refinancing of its credit facilities with CIT Group acting as lead arranger. The organization believes that its successful refinancing during a work stoppage demonstrates the strength of the Devils franchise and the Prudential Center, enabling it to continue to execute on its business plan. In addition, in connection with the refinancing, Jeff Vanderbeek and his affiliated entities purchased the stakes of his co-owners, Brick City Hockey and its related entities.

Statement from Jeff Vanderbeek:

“Today’s announcement is good news for Devils fans though I fully recognize fans' frustration with the work stoppage. Our future is now secure and we can be confident of continued on-ice success. Our team has gone to the Stanley Cup Final 5 times in the last 17 years and following the most recent run to the Stanley Cup Final last year, we are excited about our future -- for Jersey's team and Prudential Center, home to the 2013 NHL Draft.

I am grateful to Mike Gilfillan and Brick City Hockey for our former partnership. Together we shared a passion that led to the building of the Prudential Center – truly a shining jewel of a facility and in my view one of the best arenas in the entire world. The Rock is a great legacy for which we will always be proud.”

Sincerely,

The New Jersey Devils



Looks like the same info essentially in posts above. But the team went out and emailed this to people on at least one (or some) of their list(s).

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