"The NHL is giving the Devils advances on some of their future income to help the team through its ownership battle, deputy commissioner Bill Daly said on the eve of today's All-Star Game.
Daly and commissioner Gary Bettman insisted the NHL is not "subsidizing" the Devils with outright grants and loans. They did confess the league has accelerated disbursing upcoming fees such as TV revenue.
"Just league distributions. Yeah. It's not atypical. It's not something we haven't done before on perhaps many occasions," Daly said. "Obviously there's something that has to resolve itself there on the ownership front, but I wouldn't be concerned about the finances of the club."
Devils co-owner Ray Chambers is trying to get out of his 47-percent stake in the team with the team facing an $80 million debt obligation that already has been extended. The debt holders could force the team into bankruptcy after this season."