Originally posted on Puck Daddy  |  Last updated 11/4/11
According to both Forbes and the Globe & Mail, creditors of the New Jersey Devils and the Prudential Center are desperately trying to sell the team's debt at a discount, which the Globe & Mail places at 75 cents on the dollar. Both publications report that owner Jeff Vanderbeek missed a principal payment on a loan in early September. This was also reported by the New York Post at that time, which also floated the idea that lenders would help force the team into bankruptcy. The Devils, in a statement, called that notion "patently untrue." And yet ... here we are. From Mike Ozanian at Forbes, the current state of the Devils' debt: I can tell you the Devils have over $250 million of debt piled on the team and arena, which they control. The debt is growing because Vanderbeek, unable to make interest payments, is capitalizing the interest.  If this all sounds familiar it is because it should. This is what Hicks Sports Group went through when its $525 million of debt, stacked o...
GET THE YARDBARKER APP:
Ios_download En_app_rgb_wo_45
MORE FROM YARDBARKER

Former Jets WR Devin Smith found out he was cut via Twitter

Roger Goodell tweets ‘Key & Peele’ joke about relaxed celebration rules

Martavis Bryant: ‘I know this is my last chance’

Glennon: ‘This is my year and I’m not worried about the future’

Durant apologizes for response to fans complaining about blowouts

LIKE WHAT YOU SEE?
GET THE DAILY NEWSLETTER:

Sheldon Richardson says Jets locker room is better without Brandon Marshall

What's next for the Spurs?

Padres, MLB issue statements on drone crash at Petco Park

Pro Football Hall of Famer Cortez Kennedy dies at 48

Report: NFL modifies injured reserve rule

Report: Cowboys DE facing four game-ban for supplement

The 'Walk on home, boy' quiz

NBA Referee Hotline Bling: Dejounte Murray gets his calls blocked twice

It's reality check time for the Texas Rangers

Box Score 5/23: Preds, Warriors move on to respective Finals

The 10 best sports docs available for streaming

Why wait? Our too soon Cavaliers-Warriors NBA Finals preview

NBA Weekend Awards: Who will take a bite of the Snow White Crystal Apple?

The 'How two award snubs might shake up the NBA' quiz

Preparing for the BIG3: Q&A with BIG3 co-founder Jeff Kwatinetz

Two months in and Nintendo's Switch dominates 2017 video game market

Getaway Day: League leaders falter allowing new teams to surge ahead

Best of Yardbarker: Gregg Popovich doesn't mince words

NHL News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

By clicking "Sign Me Up", you have read and agreed to the Fox Sports Digital Privacy Policy and Terms of Use. You can opt out at any time. For more information, please see our Privacy Policy.
the YARDBARKER app
Get it now!
Ios_download En_app_rgb_wo_45

NBA Referee Hotline Bling: Dejounte Murray gets his calls blocked twice

It's reality check time for the Texas Rangers

The 'Walk on home, boy' quiz

NBA Weekend Awards: Who will take a bite of the Snow White Crystal Apple?

Why wait? Our too soon Cavaliers-Warriors NBA Finals preview

The 10 best sports docs available for streaming

The 'How two award snubs might shake up the NBA' quiz

Preparing for the BIG3: Q&A with BIG3 co-founder Jeff Kwatinetz

Two months in and Nintendo's Switch dominates 2017 video game market

Getaway Day: League leaders falter allowing new teams to surge ahead

Today's Best Stuff
For Publishers
Company Info
Help
Follow Yardbarker