07-11-2013, 03:08 PM
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#143
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Lifetime Suspension
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http://www.nypost.com/p/news/busines...z0tZtGm3w7TEdK
Quote:
The New Jersey Devils are again skating on very thin financial ice, The Post has learned.
The team’s cash-strapped owner, less than six months after restructuring its debt, has missed an interest payment and now risks defaulting on its new loan, a source with direct knowledge of the situation said.
The latest financial blow-up at Devils Arena Entertainment — a missed interest payment in April of nearly $3 million — has surprised those close to the once-proud NHL franchise.
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Quote:
The NHL loaned the team roughly $25 million last year and agreed in December to not ask for payment until July 2014. In recent months, three sources close to the situation said, the league ponied up again, this time advancing about $5 million in licensing and other shared revenue.
As a sizable creditor to the Devils, the NHL must now approve any major financial moves the team makes. “I’m amazed at how far the NHL has gone out on a financial limb,” a second source close to the situation said.
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