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What Would Sixers Owner Josh Harris Do With N.J. Devils?

NJdevils_optBY REBECCA SHEEHAN
NEWJERSEYNEWSROOM.COM

Share on FacebookThe New Jersey Devils are on the market radar of Joshua Harris of the Philadelphia 76’ers who is very interested in buying the hockey team – which may pose a slight problem since they are the Flyers biggest rival.

The Devils have been searching for a new owner for quite some time, and have reportedly been in negotiations with Philadelphia-based attorney Andrew Barroway — but, according to Tom Gulitti of NorthJersey.com, Barroway’s sale agreement expired at the
end of July without a deal being completed.

Forbes’ report quotes a memorandum that went out to the Players’ Association on June 27, 2013 that says the Devils have run into “serious cash flow issues” that have resulted in missed payments that were resolved by the league.

According to Prohockeytalk.com:

“Recently, the Club was able to arrange a significant infusion of debt capital ($30 million) from an investor that is interested in purchasing the Club from [Jeff] Vanderbeek. We understand from League officials that the new investor, Andrew Barraway [sic],
is currently negotiating with Vanderbeek and their [sic] expectation is that either Barroway or another ownership group will end up owning the team within the next 120 days or so.”

Howard Eskin of 94WIP Sports Radio, citing "highly placed sources," is reporting that Harris and the rest of the 76ers ownership group is considering bidding for the  Devils, which according to a Forbes.com report is weighed down by $230 million in debt. The team's current ownership group is led by former Lehman Brothers executive Jeff Vanderbeek.

According to Forbes, the current value of the Devils is $205 million. Forbes also reports that the NHL will take control of the franchise before the upcoming season unless there is a buyer.

As reported from CSN’s John Gonzalez, Harris is worth $2.1 billion, and in 2011 he and the current Sixers ownership group bought the team for a reported $287 million. As of January 2013, Forbes valued the Sixers at $418 million.

 

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