NJ Devils for sale (mod: Brick City minority interest)

[guyincognito]

the reverse of what I suspected. odd. hopefully this doesn't end up like ATL.

 

[LadyStanley]

Real_ESPNLeBrun
So, to recap Devils situation: Vanderbeek doesn't want to sell, but Brick City does. Interesting to see where this goes.

 

[guyincognito]

well, since "Brick City" is in saying they plan to initiate a 100% sale of everything (including arena "rights", which for all intents and purposes is ownership of the arena) w/ conditions (obviously keeping the team in market).... and Vanderbeek doesn't want to go....

it does look like this is going to end up like ATL. ugh

 

[Jeremy2020]

This is OT but I just wondering what teams in other sports are for sale right now.

I don't understand why all of a sudden, almost 1/3 of the NHL teams are in whole or part for sale.

Maybe some of the knowledgeable business oriented posters can provide some insight on this.

The league has been reporting increased revenues and the value of franchises has been climbing. It seems like it's a sweet spot of selling for maximum profit.

 

[azrok22]

This gets even more interesting. Vanderbeek may be managing member, but only a minority shareholder (30% share).

http://www.nypost.com/p/sports/devils/devils_partner_trying_to_sell_dfhX34ukzeTFgfvXZsVkYK

 

[guyincognito]

This gets even more interesting. Vanderbeek may be managing member, but only a minority shareholder (30% share).

http://www.nypost.com/p/sports/devils/devils_partner_trying_to_sell_dfhX34ukzeTFgfvXZsVkYK

It's not true. Vanderbeek was the majority owner at the time of sale and they have not changed that with the league since. He has the controlling interest. what the % of said controlling interest is, I'm not sure. All of this was foggy, even though Gilfillan and Chambers are related by marriage, I kinda assumed Chambers was and has been out of play for years. and then there's Lou and what portion of the team he owns.

 

[azrok22]

This article sheds some more light on the ownership situation, and the dispute over how Brick City may control a majority share:

http://www.theglobeandmail.com/sports/hockey/devils-partners-looking-to-sell-share-of-team/article1890850/

But the banking source said the ownership structure of the team is complicated and Chambers could hold a majority interest in the franchise through more than one company.

NHL deputy commissioner Bill Daly said Tuesday in an e-mail message that Chambers is not the majority owner of the team. A source close to Vanderbeek said he owns 50 per cent of the operation and smaller shares are held by Brick City, Peter Simon and Devils president Lou Lamoriello. Simon and Lamoriello do not want to sell, the source said.

 

[guyincognito]

Chambers owns 0% of the team on the surface. his son-in-law owns that portion. this is going to be interesting. seems like he's back to doing pump and dumps. some philanthropist.

get $200M+ in slush money from the state and then turn around and sell the fruit of that down the road for a tidy profit. only in Jersey.

 

[LadyStanley]

http://www.theglobeandmail.com/spor...looking-to-sell-share-of-team/article1890850/

Shoalts on potential sale.

 

[LadyStanley]

http://blogs.northjersey.com/blogs/...ls_wont_be_leaving_new_jersey/#When:19:43:51Z

No relocation on the table.

Although Brick City Hockey LLC, which is headed by Ray Chambers and his son-in-law, Mike Gilfillan is looking to sell its share of the team, any sale of that share of the team would be packaged with team’s arena rights.

And they're in a 30 year arena lease (27 more to go).