The prospective deal to restructure the debt of the New Jersey Devils appears to have fallen apart, The Post has learned.
The bailout by a mystery investor, which seemed at hand just weeks ago — and would have given owner Jeffrey Vanderbeek some breathing room to find a more permanent solution — is off, a source close to the talks said yesterday.
The NHL wanted to review the deal and scared off the investor, sources said.
As a result, Vanderbeek has just over 100 days to find another investor or risk having banks foreclose on the team’s overdue debt.
Two persons familiar with the talks said Vanderbeek’s investment bank, Three Oceans Partners, is in talks with others seeking a new deal.
Still, Vanderbeek needs to raise money to pay lenders by July 1 or they could immediately put the team in default, sources said.
The NHL has already advanced the Devils close to $10 million.
Vanderbeek also has to sign a slew of players by that same July 1 date, including forward Zach Parise and goalie legend Martin Brodeur, or they will become unrestricted free agents. Players whose contracts are ending won’t re-up until the ownership issue is resolved, a source said.
The Devils hold the sixth-best record in the Eastern Conference and appear headed for the playoffs.
An NHL spokesman and a Devils spokesman did not return calls.
The team missed an $80 million principal payment in September, but worked out an extension. It has avoided default under NHL rules that restrict lenders from putting teams into bankruptcy during a season.