[sureLoss]

From the NHLPA memo:

http://www.forbes.com/sites/mikeozan...drew-barraway/

The memorandum dated June 27, 2103 which I have seen, reads in part:


“The New Jersey Devils and the current ownership group headed by Jeff Vanderbeek have recently been experiencing serious cash flow issues. This has resulted in late or missed payments (including required pension and escrow payments) and League intervention and funding. Importantly, we believe that all money owed to Players, including pension and escrow, has now been paid.”


“Recently, the Club was able to arrange a significant infusion of debt capital ($30 million) from an investor that is interested in purchasing the the Club from Vanderbeek. We understand from League officials that the new investor, Andrew Barraway, is currently negotiating with Vanderbeek and thier expectation is that either Barroway or another ownership group will end up owning the team within the next 120 days or so.”


The memo does not mention purchase price, nor does it say how much total debt is tied to the team and arena. One banker estimated the liabilities to be well over $230 million.