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Monday, June 18, 2012

NHL Plans To Take Over New Jersey Devils

As predicted by me in this blog months ago, the New Jersey Devils are facing possible bankruptcy and an imminent takeover by the National Hockey League due to its ownership's inability to service (i.e. pay) or refinance a staggering debt.

The Devils regularly lose money during their regular season operations and have common ownership with the Prudential Center.  The debt financing for the arena is also considerable.

If the NHL takes over the Devils, the NHL will then be running and financing two franchises, as the Phoenix Coyotes are  still under league control after the league bought the club out of bankruptcy in 2009.  The same fate awaits the Devils.

Stay tuned as developments warrant updates...

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