Monday, July 2 2012 10:04 AM EDT2012-07-02 14:04:49 GMT
Martin Brodeur has signed a new two-year contract to remain with the New Jersey Devils.
Martin Brodeur has signed a new two-year contract to remain with the New Jersey Devils.
NEWARK, N.J. -
Investors with an appetite for a high-profile but probable money-losing acquisition can likely buy some or all of both the New Jersey Devils and Los Angeles Kings -- two NHL teams that just happen to meet Wednesday night in the Stanley Cup Finals.
One team has to win and both owners are looking to sell.
Philip Anschutz-controlled AEG Corporation, which owns the Kings and the Kings' Staples Center arena home, and its CEO Tim Leiweke, have started marketing the team by directly calling suitors, a source said.
A few years ago, the Kings first put themselves up for sale seeking more than $200 million, but now likely will accept less, the source said.
Anschutz bought the Kings in 1995 for $113 million.
Leiweke said, "We are getting approached by a few people now due to our success, the Dodgers value and the roll LA Live [entertainment and food] is on."
While offers have come in, Leiweke denied he was peddling the franchise. "Nothing to it [sale rumors]," he said.
An NHL spokesperson called the report of a Kings sale "categorically untrue."
The Kings are expected to make "a major announcement" next week, according to a person familiar with the team, but the subject could not be learned.
Meanwhile, the Devils owe lenders an $80 million principal payment July 1. Devils owner Jeffrey Vanderbeek is in talks with an investor to pump money into the team to refinance the debt.
Previous talks with different potential investors have fallen through, however, and the NHL was forced to advance the money-losing Devils about $10 million this season.
Should the current talks fall apart, one savvy investor could potentially get a Cup in their portfolio.
So far, despite the Devils' unexpected run to the finals, there has been no significant improvement in its long-term financial picture.
True, the Devils' $20 million regular season loss will be erased because of the added revenue from the deep post-season run and it will probably ring up an added $7 million in revenue next season from increased sponsorship deals and ticket sales, sources said, but the staggering long-term debt remains.
Even if it approaches the break-even mark again next year, with help from a new collective bargaining agreement, the team still owes too much money, $177 million, to outside lenders.
Saturday, May 25 2013 4:42 PM EDT2013-05-25 20:42:49 GMT
First the Sequester cuts took the American military out of the Jones Beach Air Show and now the cold and rainy start to Memorial Day has washed out the first day of the air show.
First the Sequester cuts took the American military out of the Jones Beach Air Show and now the cold and rainy start to Memorial Day has washed out the first day of the air show.
Saturday, May 25 2013 3:39 PM EDT2013-05-25 19:39:36 GMT
Nassau County health officials announced that due to heavy rainfall, 19 beaches have been closed to bathing as a precautionary measure beginning Saturday, May 25.
Nassau County health officials announced that due to heavy rainfall, 19 beaches have been closed to bathing as a precautionary measure beginning Saturday, May 25.
Friday, May 24 2013 10:44 PM EDT2013-05-25 02:44:03 GMT
The unofficial start of summer is being met with not-so-perfect beach weather. Many beach communities had been hoping for good weather this Memorial Day weekend following the destruction caused by Superstorm Sandy.
The unofficial start of summer is being met with not-so-perfect beach weather. Many beach communities had been hoping for good weather this Memorial Day weekend following the destruction caused by superstorm Sandy. The Fox 5 weather team is calling for sunny skies on Sunday and Monday.
Friday, May 24 2013 9:34 PM EDT2013-05-25 01:34:31 GMT
Actress Amanda Bynes was arrested by New York City police after investigating a report of her allegedly smoking marijuana in the lobby of her Midtown Manhattan building.
Actress Amanda Bynes was arrested by New York City police after investigating a report of her allegedly smoking marijuana in the lobby of her Midtown Manhattan building.
Friday, May 24 2013 9:15 PM EDT2013-05-25 01:15:35 GMT
When workers installed one of the much-heralded bike-sharing stations on West 22nd Street near 10th Avenue, they put it right in front of the brownstones.
When workers installed one of the much-heralded bike-sharing stations on West 22nd Street near 10th Avenue, they put it right in front of the brownstones, impacting the entrances for homeowners and tenants.
Friday, May 24 2013 8:10 PM EDT2013-05-25 00:10:09 GMT
AP photo
Resorts held a grand opening Thursday for Margaritaville, the $35 million restaurant, bar, and gambling complex that's part of a $70 million expansion and renovation.
Resorts held a grand opening Thursday for Margaritaville, the $35 million restaurant, bar, and gambling complex that's part of a $70 million expansion and renovation.
