Business

Vanderbeek in talks to take full ownership of Devils

Billionaire Ray Chambers, tired of digging into his pockets over the years to fund the money-losing Devils, is in talks to sell his piece of the NHL team to his longtime partner, The Post has learned.

Chambers, who owns 47 percent of the team and the company the runs the Newark arena where the Devils play, is in talks with Jeff Vanderbeek on a deal that is likely to be priced at less than $200 million, according to a source close to the discussions.

That’s quite a comedown for the 69-year-old Newark native, who put his stake on the market back in February and was seeking about $250 million — but there were no takers at that price, sources said.

There is a clause in the deal between the two sports investors that could force Vanderbeek to buy Chambers’ stake at a given price, according to a source familiar with the situation — but the two hope the current talks make enforcing that clause moot. A breakdown in talks could see Chambers take Vanderbeek to court to enforce the sale provision.

The two, responding to a query from The Post, said in a joint statement: “From time to time, we have had discussions about an amicable sale of Brick City’s [Chambers’ holding company’s] interest to Mr. Vanderbeek. These discussions are ongoing.”

Vanderbeek, a former Lehman Brothers executive president, does not have the money to finance the purchase of Chambers’ stake. He has brought on board outside investors to help close the deal, sources said.

In the fiscal year ending July 1, Devils Arena Entertainment — which consists of the team and the Prudential Center arena — is expected to report a modest profits. It would be the company’s first year in the black in its four-year existence.

The profit comes as The Rock, as the arena is known locally, has attracted more business — becoming the sixth busiest arena in the United States, according to Venue Today, an industry publication.

However, the NBA’s Nets, who play 41 home games at the Rock, are expected to move to Brooklyn for the 2012-13 season.

The Newark Housing Authority owns Prudential Center, and Devils Arena Entertainment pays for putting on events and collects the proceeds.

Vanderbeek has voting control over the business and angered fans by signing Ilya Kovalchuk last year to a 15-year $100 million deal. The winger has generally underperformed.

The Devils missed the playoffs this year, which is where NHL teams make much of their money.

National Hockey League owners guarantee to the league that they will personally fund any operating losses. That means Chambers, worth an estimated $4 billion, cannot just walk away from the team and withhold funding.

jkosman@nypost.com