Embattled New Jersey Devils owner Jeffrey Vanderbeek has finalized a deal with the team’s lenders that will keep him in control of the franchise for at least two years, The Post has learned.
The deal, hammered out in the last few days, was able to be reached only after the NHL agreed to convert its multi-million dollar advance on licensing income into a secured loan and to put off repayment for 24 months, or longer, the source added.
Vanderbeek is now paying lenders other than the NHL roughly $40 million to retire some of its overdue loans and is combining the team and arena debt into one new $160 million package, sources said.
The owner, a former Wall Street executive, is putting up much, perhaps almost half, of the $40 million.
A new two-year agreement could grow longer if the team and arena combined hit certain improved financial targets, a source said.
The complex deal, which still needs a few signatures beyond the lenders, is expected to be completed next week, sources said.
“[NHL] Commissioner Bettman did not want the Devils to be a distraction during the NHL lockout,” a source said, explaining why the commissioner did not demand payment or force out Vanderbeek, as he had contemplated only a few months ago.
The Devils and the NHL declined to comment.