Report: NHL could take over ailing Devils

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NEW YORK, June 18 (UPI) -- The NHL is preparing to take over the New Jersey Devils should the team's owner fail to restructure his debt, the New York Post reported Monday.

Citing "a source close to the situation," the newspaper said NHL Commissioner Gary Bettman has prepared a contingency plan for the league to take control of the team should owner Jeff Vanderbeek not be able to meet an Aug. 14 refinancing deadline.

The newspaper said Bettman plans to "push Vanderbeek aside" in case of a default while courting potential new buyers.

Another source told the newspaper Vanderbeek is nearing a deal with an unnamed investor in which he would sell a majority stake to satisfy $77 million in past-due debt but still retain control of the money-losing franchise.

NHL Deputy Commissioner Bill Daly, however, denied the NHL has any plans to take over the Devils, telling USA Today in an e-mail, "I don't anticipate either the league having to take over the team, or the team having to file for bankruptcy."

The story comes after the Devils completed their most successful season since their Stanley Cup championship campaign of 2002-03, reaching the finals before bowing to the Los Angeles Kings.