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Devils Avoid NHL Takeover, Sell To Philadelphia 76ers Ownership Group

Well that was quick. See how easy that was Phoenix? The New Jersey Devils financial situation has been pretty bad for a while now, and it’s been mentioned a few times here on Too Many Men within the last week or so.

The Devils were able to avoid NHL takeover, and we were all saved from the drama of having another Phoenix Coyotes debacle on our hands. Josh Harris and a group that owns the Philadelphia 76ers has purchased the Devils organization for what has been reported as more than $320 million.

To avoid an NHL takeover of the organization, the sale had to happen quickly, and thankfully it did. With Harris and company coming in hot as potential buyers, things were quickly sped up, and they were able to avoid what many may have thought was inevitable.

The NHL Board of Governers approved the sale on Wednesday. The new ownership group will take over the remaining debt that Jeff Vanderbeek has left behind, and will take over the Prudential Center, the home arena for the Devils.

The financial woes in New Jersey seem to be over now with Harris at the head of the group. Harris is reported to be worth over $2 billion, making the organization a little more stable than it was under Vanderbeek.

With all of this settled now, the Devils can get back to business. After losing Zach Parise to free agency last season, and now losing Ilya Kovalchuk to “retirement” the Devils could use a fresh start. Now they can focus on rebuilding the franchise that won 3 Stanley Cups in 9 seasons. They might want to start by thinking a bit harder on the contracts they decide to dish out, cough, Ryane Clowe, cough, and they might want to get on top of resigning restricted free agent Adam Henrique to get things going in the right direction again.

Tags: Adam Henrique Ilya Kovalchuk New Jersey Devils Ryane Clowe Zach Parise

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