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Devils sale nearly finalized

The SportsXchange

Josh Harris, who owns the Philadelphia 76ers, is set to finalize a deal to purchase the New Jersey Devils on Thursday.

The purchase price will be more than $320 million, multiple media outlets reported. According to the Wall Street Journal, the NHL has already approved the sale.

The Devils have been mired in financial difficulties, to the point that rumors circulated last week that the league would take over the team's operations. NHL commissioner Gary Bettman denied the reports.

Devils owner Jeff Vanderbeek reportedly missed the first payment of a restructured bank loan to pay off the team's debt, which was $230 million, according to Forbes. The team's annual debt payment is about $15 million.

Attorney Andrew Barroway was close to buying the team and the operating rights to the Prudential Center, but he recently withdrew his offer.

The Devils have been successful on the ice and attendance has been strong since moving into the Prudential Center in 2007. Despite that, the team has continued to struggle financially under Vanderbeek.

Harris co-founded Apollo Global Management, an equity firm.
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