Report: Devils For Sale

New Jersey Devils owner Jeff Vanderbeek would appear to be bucking the trend of ‘selling high’ if reports that his New Jersey Devils are for sale are indeed true. Michele Steele of Bloomburg TV first reported that Vanderbeek was putting the chips in place to set the Devils up for sale. Bloomburg has indicated that a source close to Vanderbeek has hired Baltimore investment bank Moag & Co. to lead the process.

The Devils are locked in their worst season in recent memory and the current roster is primed for an overhaul in the offseason. The Devils sit dead last in the NHL with a paltry 35 points and have been the butt of a lot of jokes since signing Ilya Kovalchuk to a ridiculous $100 million contract. The news of Vanderbeek planting a for sale sign on the club would come as more disheartening news in a what’s already been a tumultuous year for the franchise. The Kovalchuk deal helped push the team into salary cap hell and their awful start to the season led to the firing of first year coach John MacLean in December.

Vanderbeek purchased the team in 2004 for $125 million. The New Jersey Devils have a current estimated value of $218 million according to Forbes. Vanderbeek has not commented on the report at this time, but told Bloomburg that he would do so later Tuesday.

Comments (2)

  1. Good to see that the mascot is keeping his spirits up at least

  2. Moving the damned team to Newark was an idiotic decision. Their base wasn’t anywhere near there – and how the hell can you attract new fans to a hellhole like Newark?

    So now, according to Forbes last year, they need to make the second round of the playoffs just to break even. Given Marty’s two years away form being finished, Vanderbeek is quite rightly getting out when the getting’s good.

    Seeing as how he bought the team for a song in 1995 (remember, they nearly moved to Nashville), I expect he’s going to make quite a bit out of it. The shame is that he’s been a great owner, but he’ll be defined by the Newark move and the Kovy stupidity.

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