According to a report by Sports Illustrated via Forbes.com, the National Hockey League League, may be forced to assume control of another franchise that is financial ruin.
The report states that the New Jersey Devils, are in $230 million debt and will have to find a way out of it soon to avoid a potential takeover by the league.
Attorney Andrew Barroway, was apparently set to buy the team along with operating rights to the Prudential Center in Newark N.J, but changed his mind after going through the franchise’s books. The Devils apparently owe the NHL $25 million and has a projected payroll of $55 million for the upcoming season.
The New Jersey Devils are likely to be taken over by the National Hockey League around the time the season begins next month when teams begin cutting payroll checks unless a buyer for the team quickly steps up, according to multiple sources.
The NHL has been denying reports that a takeover of the team is coming, which probably means a takeover coming.
Gary Bettman says report NHL has plans to take over Devils is inaccurate.
— Tom Gulitti (@TomGulittiNHL) August 8, 2013
It wasn’t that long ago that the league had to assume control of a franchise that is still struggling in the Phoenix Coyotes. It’s somewhat surprising that an organization that has had perpetual success like the Devils, is in such a mess.