The Toronto sun is reporting that Joshua Harris (current owner of the Philadelphia 76ers) is expected to be named the new owner of the New Jersey Devils Thursday.
An NHL document obtained by the New York Times shows the deal to be worth over $320 million. Harris will assume the team's $170 million debt and repay a $30 million loan to lawyer Andrew Barroway.
Jeff Vanderbeek, who bought the team outright in 2004 after becoming a minority owner in 2000, will retain a small share of the Devils.
The franchise will remain in Newark.
The Devils are in so deep financially that last year the NHL provided the club advance payment on future national revenue streams, such as TV contracts.
Source: DSG
