The Devils’ ownership saga took another turn Wednesday with word that the owners of the NBA’s Philadelphia 76ers are now involved in the bidding. The interest by the 76ers ownership group which is headed by investment banker Josh Harris was first reported by WIP radio in Philadelphia and confirmed to The Record by two sources with knowledge of the Devils ownership process. One source said that Harris’ group became involved after a sale agreement with a group headed by attorney Andrew Barroway technically expired last month without a deal being completed. Coincidentally Barroway was involved in a group that made a failed bid to buy the 76ers before Harris’ group made the purchase. Barroway’s group is still heavily involved in attempting to buy the Devils the source said and already has gone far down the road in reaching deals with the NHL and lenders. According to a Forbes report in late June Barroway’s group already loaned the Devils $30 million to help solidify their financial situation and cover pension and escrow payments. Another source indicated that Barroway was to incrementally invest more money in the Devils until the sale was completed with current owner Jeff Vanderbeek still maintaining a minority stake in the team – the percentage of which was still to be determined . Whether Vanderbeek would continue to own some stake if Harris’ group were to follow through with its bid is unknown. Harris’ group has owned the 76ers since 2011 and is believed to be interested in getting into the New Jersey/New York sports market. Multiple sources indicated that no deal with either group was imminent and the timetable for the completion of the sale remained open-ended. Regardless of which group ends up purchasing the team the Devils would remain in New Jersey and continue to play at Prudential Center in Newark.
76ers ownership now in the bidding for the New Jersey Devils
North Jersey | Aug 8