He's been in full control of the team since 2004, when the Wall Street executive left Lehman Brothers to run the team full-time. He's had control of some portion of the team since 2000.
Vanderbeek has made long strides towards spreading the Devils brand over the last six years. He was the driving force behind the construction of Prudential Center, the new home of the team that opened in 2007.
He also was a key component of the deal that brought Ilya Kovalchuk to the team, as well as the contract this past offseason that's gone down, at least for the time being, as a complete laughing stock.
It's obviously a curious time for a sale, as for the first time since the 1980s, the Devils are one of the worst teams in hockey. They've perennially been one of the league's most successful teams, and when a businessman makes a decision like Vanderbeek seems to be making here, you have to wonder exactly why he's jumping ship.
In New Jersey, the fans are certainly going to be disappointed about the news. For more on that, check in with our Devils blog, In Lou We Trust.