Red Mosquito

shinkdew wrote:

surfndestroy wrote:

surfndestroy wrote:Rask just signed, 8 year $56 million.

Bergeron, 8 year $52 million. The core is set.

You better hope so because even if the cap goes up to $70m for 14-15, the Bruins have almost 40% of their cap invested in Rask, Bergeron, Chara and Lucic.

surfndestroy wrote:

shinkdew wrote:

surfndestroy wrote:

surfndestroy wrote:Rask just signed, 8 year $56 million.

Bergeron, 8 year $52 million. The core is set.

You better hope so because even if the cap goes up to $70m for 14-15, the Bruins have almost 40% of their cap invested in Rask, Bergeron, Chara and Lucic.

Chare's contract doesn't have too many years left on it, so I'm not that concerned. I am more concerned about where the team will be 6 years down the road. There are too many big name players with contract ending too close to each other.

shinkdew wrote:

surfndestroy wrote:

shinkdew wrote:

surfndestroy wrote:

surfndestroy wrote:Rask just signed, 8 year $56 million.

Bergeron, 8 year $52 million. The core is set.

You better hope so because even if the cap goes up to $70m for 14-15, the Bruins have almost 40% of their cap invested in Rask, Bergeron, Chara and Lucic.

Chare's contract doesn't have too many years left on it, so I'm not that concerned. I am more concerned about where the team will be 6 years down the road. There are too many big name players with contract ending too close to each other.

Chara is signed until 2018.

Peeps wrote:

NHL Takeover Of New Jersey Devils Looming

The New Jersey Devils are likely to be taken over by the National Hockey League around the time the season begins next month when teams begin cutting payroll checks unless a buyer for the team quickly steps up, according to multiple sources.

Neither the NHL or the Devils would comment on the situation.

The Devils have $230 million of debt and team owner Jeff Vanderbeek missed the first payment on a recently restructured bank loan. The team’s annual debt payment is around $15 million a year and in the past the Devils have already used prepayments of future revenue streams to pay bills. Andrew Barroway was poised to buy the hockey team and operating rights to the Prudential Center, but withdrew his offer within the past two weeks after getting a closer look at the team’s books.

Non-NHL events are down at the Prudential PUK +0.33% Center, also hurting Vanderbeek’s financial situation. One reason: arena operators prepay a portion of the money they are going to pay acts, like rock bands and the circus, and sources say the Devils do not have the cash to book events. During the first quarter of 2013 the Prudential Center was not among the world’s top 50 busiest arenas. The prior year it was ranked 11th-busiest.

According to three sources, the NHL does not want the Devils to file for bankruptcy like the Phoenix Coyotes did in 2009. The Coyotes were recently sold for $170 million after going through an arduous lease renegotiation with the city of Glendale that kept taxpayers, players and fans in limbo for over three years.

Instead, the NHL would fund and operate the team while it sought a buyer. The Devils owe the league roughly $25 million and their payroll for the start of 2013-14 season is projected to be around $55 million.

Electromatic wrote:Kovalchuck is usually the first rat off of whatever sinking ship he's currently on.

philpritchard wrote:

Electromatic wrote:Kovalchuck is usually the first rat off of whatever sinking ship he's currently on.

Yet he just signed in the KHL. Apparently he has a thing for sinking ships.

elliseamos wrote:

philpritchard wrote:

Electromatic wrote:Kovalchuck is usually the first rat off of whatever sinking ship he's currently on.

Yet he just signed in the KHL. Apparently he has a thing for sinking ships.

so the KHL is doomed to fold?

philpritchard wrote:

elliseamos wrote:

philpritchard wrote:

Electromatic wrote:Kovalchuck is usually the first rat off of whatever sinking ship he's currently on.

Yet he just signed in the KHL. Apparently he has a thing for sinking ships.

so the KHL is doomed to fold?

Well, it was a poorly run league with a ton of financial problems. Then Kovalchuk signed there, which should be the nail in the coffin.

Devils’ sale to 76ers ownership group not “done” yet, but headed in that direction

The owners of the NBA’s Philadelphia 76ers appear to have emerged as the winners in the bidding process to buy the New Jersey Devils. Howard Eskin of WIP radio in Philadelphia reported today that the group headed by investment banker Joshua Harris, which also owns the 76ers, has “agreed on the money” to buy the Devils from current owner Jeff Vanderbeek and that it was a “done deal.” A source familiar with the ownership process told The Record, however, that “the purchase price has never been an issue” with any of the interested buyers and has been “established for weeks.”

The source added that there are “lots of moving pieces”, but the process could be moving quickly toward its conclusion.
A second source also said was the sale was not “done” yet, but is headed in that direction with Harris’ group winning a bidding battle over a group headed by Philadelphia-area attorney Andrew Barroway. Multiple sources indicated Thursday that the sale of the team might be completed in the coming days and definitely before the 2013-14 season opens in October.

The sale, which includes the operating rights for Prudential Center in Newark, would involve Harris’ group covering Vanderbeek and the Devils’ significant debt, which has been reported to be in excess of $200 million. Harris’ group would also have to cover the $30 million Barroway’s group loaned to the Devils to helps cover pension and escrow payments and pump much-needed capital into the cash-strapped organization, assisting it in re-signing its free agents earlier this summer.
Vanderbeek’s future role with the Devils with Harris’ group in control remains unclear, but sources have indicated he could retain a minority ownership share. Vanderbeek became sole owner of the Devils after buying out his former partners last December.

Harris’ group purchased the 76ers from Comcast Spectator for a reported $280 million in 2011. Harris, a co-founder of the private equity firm Apollo Global Management, has an estimated worth of more than $2 billion.

Whenever the sale is completed, the Devils will continue to play at Prudential Center as that is the desire of Vanderbeek, the NHL and Harris’ group, which has been looking to get a foothold in the professional sports marketplace in the New Jersey-New York area. The team also has a 25-year lease at Prudential Center that ensures its future in Newark.

southp wrote:We're getting close!