NEWARK, N.J. (AP) - Jeff Vanderbeek has taken over sole control of the New Jersey Devils and refinanced the team's debt.
The Devils announced the deal on Thursday as the NHL and its players worked to reach an agreement on a new collective bargaining agreement to save the season.
The Devils said that CIT Group was the lead agency in handling the refinancing. In conjunction with the deal, the minority owners, Brick City Hockey and its related entities, no longer have a stake in the team.
Vanderbeek was close to refinancing the nearly $80 million in debt during the playoffs last season. The team's run to the Stanley Cup finals generated roughly $32 million in revenues and Vanderbeek's financial footing also improved with the Prudential Center emerging as one of the country's top revenue-producing facilities in recent years.

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