Yesterday, the NHL Community was let known that the New Jersey Devils missed a September 1st deadline to pay $100 million to lenders. Later in the day, the Devils organization announced that this was “patently false.” Now, if this weren’t true then Forbes has the same false information—because they are reporting that the franchise was unable to pay creditors on September 1st and it’s highly doubtful that Forbes made a mistake.
Forbes goes deeper to explain that even if the team failed to make promised payments earlier this month, any bankruptcy proceedings would still be in the distant future, seemingly after the season’s end. Forbes Executive Editor Mike Ozanian explains the details:
“Despite being unable to pay lenders $100 million that was due September 1, the NHL’s New Jersey Devils do not have to worry about being forced into bankruptcy by creditors for at least nine months because a consent letter stipulates lenders cannot take action against the Devils until after the last game of this season’s Stanley Cup playoffs, which should be around mid-June.”
Jeff Vanderbeek and Brick City LLC currently co-own the Devils with each claiming 47% in the NHL franchise. Brick City LLC has been looking to sell off their interest since February; which is the interest that Vanderbeek now plans on purchasing in order to refinance the team. Where it could get interesting is the value of the team vs. the amount of the debt. Forbes valued the Devils at $218 million last December—a value that includes money made from non-NHL events. Unfortunately for Vanderbeek, those projections for the coming year can be expected to decrease as forty-one New Jersey Nets home games would vanish if a potential NBA lockout wipes out the 2011-12 season. Even if the teams can salvage part of the season, revenue will be lost with each and every game missed. Mix in the fact that the outstanding debts stand at $250 million and refinancing the team might not be as easy as it sounds.
For now all we can do is give both sides the benefit of the doubt. Yes, reports were correct when they said the Devils could face bankruptcy proceedings for failing to pay on September 1. On the other hand, the Devils don’t believe their facing bankruptcy because they have until June to hammer out the Brick City buyout and refinance the team. Either way, we’re splitting hairs and it isn’t looking to pretty for the Devils.
No matter how you spin it, slice it, or view it, what would help everyone involved if the Devils could get off to a good start. They’ve already sold more tickets than they had at this time last season—so there’s potential to start bringing fans into the building. In a gate-driven league, there’s no substitute for sellout crowds packing the arena, paying for parking, buying beer, and picking up merchandise at The Rock. If this team fails to sell out and bring in their fans the Devils’ will be in their own personal hell and another NHL team could be no more!
The New World of Sports Betting in the United States
Earlier this year a monumental breakthrough was achieved when the United States Supreme Court ruled against the Professional and Amateur Sports Protection Act, known as PASPA, allowing each state in the nation to decide if it wants to allows legal sports betting or not.
That led the nation, and all of the states, on a new path, with a lot of lucrative opportunities in an industry that has operated underground for decades.
With casinos and eSports thriving, sports betting adds a brand new element to the gambling industry and presents one of the richest outlets for businesses, the government, and the nation.
There will likely be a boost in employment rates, a growth spike in business, and an influx of money that no longer has to be hidden from the eyes of the government.
As of now, a number of states have already started their journey, and another, Utah, has decided not to act on the United States Supreme Court’s ruling in favor of sports betting, opting to maintain their stance on forbidding sports betting, at least for the time being.
As the world of sports, eSports, and gambling embark on this industry shifting journey, let’s take a deeper look at what has been going down so far, and what is in store for the sports betting industry, thanks to an info graphic from NJGames.org.
The info graphic will take a look into the impact that sports betting legalization is expected to make on the nation’s economy.
The info graphic takes into account that the United States’ gambling industry already generates around $28 billion. The legalization of ports betting legalization is expected to increase tat number dramatically.
Additionally, sports betting operations will also result in a higher number of jobs, and the info graphic will provide you with an estimated number of both direct and indirect jobs that will open with the introduction of sports betting.
As the fantasy football season is ready to kick off for many of you, we should start seeing a lot of changes to the sports betting landscape and it will be interesting to see just how companies in fantasy sports navigate through the implementation of these changes.
The future of the sports betting industry seems bright, and there seems to be quite the trickle down effect that will have an immediate benefit to numerous industries.
Whether you’re ready or not, legalized sports betting is on the way, if it hasn’t arrived in your state already, and big things are on the horizon.
Capitals owner Ted Leonsis Pays for 200 Employees to go to Stanley Cup Final Games
Washington Capitals owner Ted Leonsis is celebrating the team’s first trip to the Stanley Cup Final for the 1st time in 20 years in a special way.
The employees were chosen based off how closely they work with the Capitals, as well as seniority, and they received an email last week from a senior VP that had the subject line: “Let’s go to Vegas.”
The selected employees received tickets to Games 1 & 2.
“It’s truly amazing and out of this world,” Omar Castro, a guest relations manager, said.
“I never expected an owner of the company to do this. We get to share in this with them. … He’s thinking of us as part of a family, as part of the experience. There’s no reason for him to do it. All I can say is a big thanks to Ted and his family for the opportunity, and for truly making this into something memorable for all of us here in the company.”
Not only did Leonsis provide tickets, but he also organized two chartered flights and is putting the employees up at the Excalibur.
How Will the Dallas Cowboys do in 2018?
How will the Dallas Cowboys do in 2018? That is tough to answer. Last season, it was a turbulent season for the Dallas Cowboys. In 2017, the Cowboys finished with a record of 9-7 which placed them second in the nFC East. However they did not make the playoffs. RB Ezekiel Elliott missed five games due to his domestic violence suspension. When he returned, he was a very productive member of the team.
Entering the 2018 NFL season, the Dallas Cowboys are looking to return to the playoffs and ultimately looking to go to the Super Bowl. To start the 2018 campaign, the Dallas Cowboys had to go through Free Agency. During the Free agency period, the Cowboys signed six players which include Joe Thomas of the Green Bay Packers and Allen Herns of the Jacksonville Jaguars. OG/C Joe Looney re-signed a 2-year contract with the Cowboys while LS L. P. Ladouceur resigned with Dallas for a 1-year deal.
For the players that have departed, a total of 15 players have left the Cowboys. Since their departure from the Dallas Cowboys, some players have either signed with other teams, looking for work, or retired from the NFL. Here is the breakdown:
QB Kellen Moore, TE James Hannah, and Jason Witten retired from the National Football League. WR Bryce Butler, OT Benson Mayowa, and CB Bene Benwikere all signed with the Arizona Cardinals. FB Keith Smith, OLB/MLB Kyle Wilber and WR Ryan Switzer all signed with the Oakland Raiders. OG Johnathan Cooper signed with the San Francisco 49ers, OLB/MLB Anthony Hitchens signed with the Kansas City Chiefs, and CB Orlando Scandrick signed with the division rival Washington Redskins. As for players looking for work, that honor goes to RB Alfred Morris and WR Dez Bryant.
Once Free Agency had finally concluded, it was time for the 2018 National Football League Draft. This years Draft will be held at AT&T Stadium in Arlington, Texas. It is the first draft to be done in a NFL stadium. For the Dallas Cowboys draft board, the Cowboys will have eight picks this year. During the draft, 6 out of eight players were offensive players. Also during the draft, the Cowboys traded their pick to the Los Angeles Rams for WR Travon Austin.
With the players the Dallas Cowboys wanted to draft now on the Dallas Cowboys roster, it’s time to take a look at the 2018 Dallas Cowboys regular season schedule. This season, the Cowboys will start the 2018 season on the road against the Carolina Panthers on September 9. The Cowboys first division test comes in the second week when the New York Giants come to AT&T Stadium. The Cowboys bye week comes during week eight. After the thanksgiving game against the Washington Redskins, the Cowboys will have another Thursday Night Football game. This time it’s at home against the New Orleans Saints. The Dallas Cowboy regular season finale will be on November 30, 2018 at MetLife Stadium against the New York Giants.
So after breaking down the 2018 offseason and upcoming schedule, I believe it will be a tough season but I believe that the Cowboys will do better in 2018.
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