The New Jersey Devils' financial woes have been well documented for the past decade. However, only this past year did rumors begin circulating that the National Hockey League could potentially take over the Devils.
According to the New York Post, though, on September 7th, majority team owner Jeff Vanderbeek reportedly reached an agreement with the NHL, which would allow him to pay off his multimillion dollar debts.
Are the Devils out of trouble? Not necessarily.
Despite reaching a deal with the NHL that keeps Vanderbeek at the helm of the Devils, New Jersey will continue to lose money. That's just the fact of the matter when among other things, you're the youngest of four teams in the area.
While general manager Lou Lamoriello regularly spends to the cap floor, or close to it—on average, the Devils have had the 10th highest cap over the past four years (Capgeek.com)—one can imagine this trend coming to end if money is continually lost at an exponential rate.
Added to what is the uncertainty that is the collective bargaining agreement, retaining certain players after the inevitable lockout will be tough.
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Read Full Article at Bleacher Report - NHL
Article written by Mark Fischer
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September 25th, 2012 by Mark Fischer Leave a reply »
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