The New Jersey Devils are not under the threat of bankruptcy, according to... well, the New Jersey Devils. That, of course, flies in the face of a New York Post report Monday morning, which claimed that the Devils had missed a September 1 loan payment and that the banks were getting ready to "push the team into bankruptcy."
New Jersey Devils Issue Statement, Refute Bankruptcy Report
Here’s the full statement issued today by the team:
Today’s New York Post story is inaccurate. The notions that the Devils are facing bankruptcy or that “the Devils have told their banks to get lost” are patently untrue. The Devils value their relationship with their banks and are confident a refinancing will be completed shortly. As stated previously, ownership is close to finalizing an agreement that would lead to a buyout of Brick City’s share of the company.
The organization is also pleased to report that new season ticket sales are up 130% over last year and last week’s on-sale for single game tickets were 260% above last year’s similar period. Finally, the start of training camp was incorrectly reported in the article as tomorrow. In fact, training camp starts on Friday for the rookies and Saturday for the veterans.
The last line is an obvious shot at the Post’s reporting, which you have to admit is pretty funny even if you love the Post like Rupert Murdoch and hate the Devils with a burning passion. It’s not surprising that the team is denying the report, and while we certainly don’t know the full truth at this point, it’ll be interesting to see what happens as this situation drags on.
The real news in the statement, perhaps, is that the Devils are “close” to buying out the shares owned by minority owners Ray Chambers and Mike Gilfillan, who combine to make up the group called Brick City. Until now, the only information we had on the state of Brick City’s attempt to sell their shares was that the process wasn’t going too well. This statement seems to counter that notion.
For more on the story as it unfolds, stick with this StoryStream. You can also get more perspective from Devils fans at In Lou We Trust.
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