Citing sources, the Post reports that a new investor will pay down the company’s $80 million debt and give Vanderbeek until the start of the 2012-2013 season to raise new capital. If he can't make that happen, however, he would be forced to sell the team.
While the reported move would give the franchise some breathing room, some think it might just be an extension preceding an imminent sale.
For the last several months, the National Hockey League has funded the Devils. The move reportedly comes just in time, as Devils creditors only have another few weeks to put the franchise in default if they plan to force the team into bankruptcy during the offseason, according to sources.