After over a week of rumors it's official: Philadelphia 76ers owner Josh Harris owns the New Jersey Devils.
Following speculation that the National Hockey League might take over the day-to-day operations of the franchise due to former owner Jeff Vanderbeek's financial debt which Forbes reported to be over $230 million, the team's ownership issues are finally settled. Vanderbeek was the majority owner of the team since 2004 until it was announced that Harris purchased the team Thursday.
Harris, co-founder of private equity firm Apollo Global Management, paid Vanderbeek $320 million for the rights to the team and the lease to the Devils home arena the Prudential Center in Newark.
The NHL Board of Governors approved of the deal and it was officially announced Thursday after attorneys signed off on it, giving the three-time Stanley Cup champion Devils a new owner. Harris was just one prospected owner as New Jersey attorney Andrew Barroway was interested in buying the team and even lent money to Vanderbeek before losing interest in acquiring the rights to the Devils.
It took Harris just about a week to finish the deal to take over the team. Harris has owned the Sixers since 2011 and has been waiting for a chance to break into the New York/New Jersey market. The financially-strapped Devils ownership issue was just the chance he needed.
According to ESPN, Harris will keep Vanderbeek on board as a senior advisor, and will bring aboard Scott O'Neil, who serves as CEO for Harris'' 76ers. Harris announced Thursday that general manager Lou Lamoriello will also stay with the team.
While Harris now owns a hockey team in New Jersey and basketball team in Philadelphia, reports indicate that he insisted neither team will have to move. Along with the Prudential Center, Harris also leases space at Philadelphia's Wells Fargo Center, which houses the 76ers and Philadelphia Flyers.
The Devils won the Stanley Cup in 1995, 2000 and 2003 with Lamoriello as GM, and reached the Stanley Cup finals in 2012 before being eliminated by the Los Angeles Kings in six games. Last season, the Devils were a mediocre 19-19-10 with 48 points during the lockout-shortened season, missing the playoffs by falling to last place in the Atlantic division and 11th place in the Eastern Conference.
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