Report: N.J. to stop Devils' payments

Discussion in 'Fugu's Business of Hockey Forum' started by Dave is a killer, Oct 8, 2004.

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  1. Dave is a killer

    Dave is a killer Dave's a Mess

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  2. Hunter Gathers

    Hunter Gathers ordinary corrupt human love Sponsor

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  3. degroat*

    degroat* Guest

    The city will be losing this in the courts. Don't sign a contract you don't want to live up to.
     
  4. Trottier

    Trottier Very Random

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    I read that article three times and am still mystified. Probably missing a very obvious answer, but my question is:

    Why would the State of NJ pay the Devils to play in the first place?

    Because NJD brings in tax revenue for the State? (In other words, a State tax break?)

    Wow. Talk about a sweet deal. Probably common, one guesses.

    I wish I owned a professional franchise. :joker:
     
  5. David Puddy

    David Puddy Registered User

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    The deal was struck in 1995 to help prevent the team from moving to Nashville, as is stated in the article, as is stated in the article. It was after the shortened 1994-95 season. So it is not as if they parties involved, the Devils, the NHL and the State of New Jersey had no idea that a work stoppage could take place.

    What is funny is that the Bergen Record (the original source for the TSN article) had another article about the Devils on Wednseday, October 7. It was about the Newark arena.

    Here is an excerpt:
    Here is a link to the complete article, Newark arena for Devils 'a done deal'. However, it requires registration.

    Also, here is the original Bergen Record article, "N.J. to withhold Devils' payments during lockout" about the payments to the Devils.
     
  6. Vlad The Impaler

    Vlad The Impaler Registered User

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    Have you seen the contract? That's the only way you can know this.
     
  7. Classic Devil

    Classic Devil Spirit of 1988

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    I read this and laugh because it doesn't affect the Devils in the slightest. The bargain was struck so the Devils would stay in NJ instead of moving to Nashville. However, shortly afterwards the Devils sold the credit they would get each year to Credit Lyonnaise in France - so the French company gets the 3M per year, the Devils got the total lump sum immediately after signing the deal. The contract (and money) doesn't even matter to NJ anymore. We don't get it.
     
  8. John Flyers Fan

    John Flyers Fan Registered User

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    Yep, the deal was signed when the Devils were comtemplating moving to Nashville, in 1995.

    Basically $3 million per year to not leave New Jersey.
     
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