After seemingly ages of speculation, the rumored has finally become a reality as Jeff Vanderbeek has sold controlling interest in the Devils (as well as the entertainment rights for the Prudential Center) to a group led by investment banker Josh Harris.  After the NHL’s Board of Governors approved the sale today, the official announcement will come 11 AM tomorrow morning at the Rock.  Reportedly, the Harris group paid north of $320 million for the joint purchase, which should help to alleviate short and long-term financial concerns for the Devils.  Harris is already known in NBA circles as the owner of the Philadelphia 76ers, so clearly owning two major East coast sports franchises means the guy has his piggy bank filled with more than just pennies.

Vanderbeek’s sale ends an era, as the lifelong Jersey fan owned a controlling interest in the Devils since 2004.  His tenure certainly had its highs and lows, with the Prudential Center’s rise and current prestige as a venue, and increased fan support in recent years being chief among his accomplishments.  Certainly contreversy followed Vanderbeek at times, after the collapse of his firm Lehman Brothers and the pulling out of silent partner Ray Chambers – a big impetus for the move to Newark – money was certainly an issue in the last couple of years.  Particuarly considering a good chunk of the debt was tied into the Prudential Center after the economy collapsed five years ago.  Also the contreversial Ilya Kovalchuk contract which held the Devils hostage throughout the summer of 2011 was long suspected (if never actually proven) to be Vanderbeek’s doing.  Vanderbeek will reportedly remain a minority owner and have a ‘role’ in the organization.

And what of Philly attorney Andrew Barroway, who seemed to have the inside track on buying the team mere weeks ago?  Apparently Barroway even loaned the Devils $30 million during the summer, a loan that will be paid back as part of the new ownership deal.  I guess nothing’s ever final until it’s final though, especially in sports and big business.  Maybe at the last minute Jeff got a better deal, certainly seems like he made out in the end from the sale price, though fine-print details are still sketchy.