New Jersey Devils Reportedly Being Sold to 76ers Owner Joshua Harris

August 9th, 2013 by Tyler Conway Leave a reply »

Fraught with debt and the specter of a possible NHL takeover, the New Jersey Devils have reportedly found their savior in business mogul and Philadelphia 76ers owner Joshua Harris.

According to Howard Eskin of FOX 29, Harris has agreed to purchase the Devils from current owner Jeffrey Vanderbeek for an unknown price, along with paying off the sizable debt he owns on the team:

Vanderbeek, a Wall Street magnate who acquired his wealth over 20 years at Lehman Brothers, purchased the Devils outright in 2004. He had previously been a minority shareholder. 

Harris has been the principal owner of the NBA's Philadelphia 76ers since 2011. His purchase of the franchise for $280 million is largely seen as a major bargain, with prices across the NBA skyrocketing over the past few seasons. He will hope to do the same with New Jersey—a club whose financial situation reached dire straits in recent years. 

The financial weight of owning an NHL team proved too much for Vanderbeek, with debt skyrocketing in his tenure, leaving the club floundering on the bottom line. Vanderbe ...

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