After New Jersey Devils Default on $100M Loan Payment, Vanderbeek Has Agreement to Buy Out Chambers' Stake

This is the first story by Michael E. Jafari for the Business of Sports Network. Look for his articles across our sites, especially here on BizofHockey.com and BizofFootball.com. Please welcome him - Maury BrownThe NHL has more financially struggling franchises to join the New York Islanders and the Phoenix Coyotes. The NY Post has reported that the New Jersey Devils defaulted on a $100 million loan payment that was due on September 1.The report goes on to say that the default could open the door for lenders to “push the team into bankruptcy”. Trouble has followed the franchise ever since they moved into the brand new Prudential Center in 2007.The Devils, who were estimated to be worth $218 million in the latest Forbes evaluation of the NHL franchises, have declining attendance and unpaid loans related to the building of the team’s new home. In addition to their arena woes, part-owner Ray Chambers has sought out to sell his 47% share of the team for the past year, after an apparen...