| | NEW YORK -- A sale of the New Jersey Devils to the
YankeeNets is expected to be completed by the end of the month.
The deal, which could lead to construction of an arena in
Newark, N.J., for the Devils and New Jersey Nets, will not be
formally announced until after the NHL playoffs, the New York Post
reported Monday. The New York Times reported last weekend that
completion of the sale was imminent.
The Yankees and Nets merged last year. The baseball team is
preparing for negotiations to replace the $486 million, 12-year
contract with Madison Square Garden Network that expires after this
season, and joining with other teams gives it more leverage with
Cablevision Systems Corp., owner of the MSG Network.
The three teams could attempt to start their own cable channel,
or could sell rights jointly to a new regional cable network, owned
either by Time Warner Inc. or ESPN, a subsidiary of The Walt Disney
Co.
YankeeNets director Howard Rubenstein said Monday that
"discussions continue" but that "no deal that has been
concluded."
John McMullen, the only owner in the Devils' 18-year history,
bought the Colorado Rockies in 1982 and moved them to New Jersey.
The 82-year-old almost sold the team to a Nashville contingent in
1995, the only year the Devils won the Stanley Cup.
YankeeNets will pay McMullen at least $175 million, The
Star-Ledger of Newark reported last month.
There was no word on the status of general manager and
part-owner Lou Lamoriello, believed to have a 10-15 percent share
of the team.
Messages left Monday for McMullen and Lamoriello were not
immediately returned.
The Meadowlands operators have also proposed building a new
arena for both teams at the complex in East Rutherford, N.J.
All the plans require some state aid. New Jersey Gov. Christie
Whitman has not yet indicated a preference, but has said that an
arena with two major teams would be more likely to succeed.
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