The New Jersey Devils ownership saga may be coming to a quicker end than previously thought.
Reports indicate that the Devils have been purchased by Philadelphia 76ers owner Josh Harris, and a news conference to announce the deal reportedly will be held on Thursday.
Reports last week said that the National Hockey League may have been gearing up to take over the day-to-day operations of the Devils, currently owned by Jeff Vanderbeek who is in a mountain of financial woe and debt, until an owner was sought.
Apparently, an owner has been found.
Harris, who centers the ownership group that is reportedly buying the Devils, has expressed interest in owning a franchise in the New York/New Jersey market and is looking to control a team in the area. There's a bit of a conflict of interests for Harris, as the Devils are division rivals of the Philadelphia Flyers who share the Wells Fargo Center with the Sixers as a home arena.
Still, Harris' desire to own a franchise in the Metropolitan Area trumps that conflict.
Harris became wealthy as a co-founder of private equity firm Apollo Global Management.
CBS Sports reports that the sale to Harris has gone smoothly and quickly, and the only hold up on the deal is approval from the NHL's Board of Governors, which is expected to go through Thursday.
Harris' group will take over the Devils and the Prudential Center in Newark while Vanderbeek will still hold a minority ownership sale. CBS reports Harris will cover Vanderbeek's debts, which according to Forbes is in the neighborhood of $230 million.
Harris has owned the 76ers since 2011 and will take over the Devils in a down period. Just one season after reaching the Stanley Cup finals, the Devils fell to 11th in the Eastern Conference and last place in the Atlantic Division with a 19-19-10 record and 48 points during last year's lockout-shortened season.
The past two offseasons haven't been kind to New Jersey either. Captain Zach Parise signed with the Minnesota Wild out of free agency before the star of last year's campaign, and this offseason perennial goal-scorer Ilya Kovalchuk opted out of his contract to play in Russia's KHL.
The good news for the Devils is that the sale will not force the team to relocate out of Newark, where the Prudential Center has been their home since 2007.
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