Originally posted on FOX Sports  |  Last updated 2/21/12
New Jersey Devils controlling owner Jeffery Vanderbeek, who skated through some tough financial issues in the last year, appears to be heading into some open ice. The 54-year-old former Lehman Brothers executive is close to sewing up a deal with a deep-pocketed investor, the New York Post has learned. The Devils are "very close" to a deal in which a new investor will pay down the company's $80 million in overdue debt and give Vanderbeek until the start of next season to raise new capital. But the financial lifeline comes with strings attached, these sources said. If Vanderbeek cannot line up additional capital by the fall, he would be forced to sell the team, sources said. The mystery investor already exchanged term sheets with the lending group and Vanderbeek, a source said. For the last several months, the National Hockey League has funded Devils operations -- advancing the team almost $10 million against future revenue. It has become clear that the future of the Devils fran...
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Best of Yardbarker: Diana Taurasi makes history

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Three Up, Three Down: Flouting the written and unwritten rules of baseball

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