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Jeff Vanderbeek takes over sole ownership of Devils; Refinancing of team debt completed

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#1 OFFLINE   Erik C.

Erik C.

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Posted 03 January 2013 - 03:31 PM

From F&I

The Devils’ financial situation has been straightened out and its transfer of ownership shares completed.

Devils chairman Jeff Vanderbeek has completed the 18-month process of refinancing the team’s debt and buying out his partners, making him the sole owner of the team.

Vanderbeek takes over the 47 percent share of Brick City Hockey LLC, which was headed by Michael Gilfillan and Ray Chambers, and the six percent owned by Peter Simon.

The NHL’s Board of Governors voted via fax about two weeks ago to approve Vanderbeek as sole owner of the Devils.

In a statement announcing the deal today, Vanderbeek acknowledged the fans’ frustration with the ongoing owners’ lockout, but also that he believes this is a big day for the organization going forward—when the league resumes play.

“Today’s announcement is good news for Devils fans though I fully recognize fans’ frustration with the work stoppage,” Vanderbeek said. “Our future is now secure and we can be confident of continued on-ice success. Our team has gone to the Stanley Cup Final five times in the last 17 years and following the most recent run to the Stanley Cup Final last year, we are excited about our future—for Jersey’s team and Prudential Center, home to the 2013 NHL Draft.

“I am grateful to Mike Gilfillan and Brick City Hockey for our former partnership. Together we shared a passion that led to the building of the Prudential Center – truly a shining jewel of a facility and in my view one of the best arenas in the entire world. The Rock is a great legacy for which we will always be proud.”

Gilfillan, the president of Brick City Hockey LLC, issued a statement on the transfer of ownership shares.

“Brick City’s involvement with the Devils was to make professional sports a catalyst for economic development in downtown Newark, along with staging events for concerts and family shows, and to complement performances in the nearby New Jersey Performing Arts Center,” Gilfillan said. “Brick City feels we have accomplished that goal, with Jeff as our partner.

“Our goal to stimulate and facilitate that growth has been achieved, and is obvious to everyone, given how much development has occurred near the Prudential Center and the Performing Arts Center, from what is underway, and is to come.”

The rest... just like Maryanne.
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