New Jersey Devils Sale: Bill Gallacher Interested In Buying Team

The New Jersey Devils are in some hot financial water, with majority owner Jeff Vanderbeek reportedly missing a Tuesday deadline to repay an $80 million loan. The Tuesday date was actually an extension deadline; the original loan payback was due in September 2011. It appears there will be no more extensions for Vanderbeek to delay repaying the full amount of the loan, but it does seem that Vanderbeek will be given some time to gather whatever amount he can to pay down the debt.

Recent reports have stated that Vanderbeek has managed to reduce the debt significantly, but remains somewhere around $18 million in the hole. He may have a way out, though -- according to The Fourth Period, Calgary billionaire Bill Gallacher is trying to buy most, if not all, of the Devils.

According to the report, Gallacher "seems close to purchasing" the team, though it remains unclear whether he'd be buying part of the franchise or the whole thing. He has a history of trying to buy into the NHL, as he was in on the sweepstakes to own the Dallas Stars a few years back, but lost out to Tom Gagliardi. Vanderbeek might get an extension to refinance the Devils' debt and raise what money he can, but Gallacher might present an easier, more direct exit strategy.

For more on the Devils, check in with In Lou We Trust and SB Nation New York.

X
Log In Sign Up

forgot?
Log In Sign Up

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior users will need to choose a permanent username, along with a new password.

Your username will be used to login to SB Nation going forward.

I already have a Vox Media account!

Verify Vox Media account

Please login to your Vox Media account. This account will be linked to your previously existing Eater account.

Please choose a new SB Nation username and password

As part of the new SB Nation launch, prior MT authors will need to choose a new username and password.

Your username will be used to login to SB Nation going forward.

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

By becoming a registered user, you are also agreeing to our Terms and confirming that you have read our Privacy Policy.

Join SBNation.com

You must be a member of SBNation.com to participate.

We have our own Community Guidelines at SBNation.com. You should read them.

Join SBNation.com

You must be a member of SBNation.com to participate.

We have our own Community Guidelines at SBNation.com. You should read them.

Spinner.vc97ec6e

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.