By Rick Horrow and Karla Swatek
January 7, 2013
Apparently, it’s easier to buyout NHL minority owners than it is to find new ones, at least during times of labor unrest. New Jersey Devils owner Jeff Vanderbeek completed the process of refinancing the team’s debt and buying out his partners, making him the sole owner of the franchise. Terms of the buyouts weren’t disclosed, but Forbes recently valued the team at $205 million.
On the other hand, prospective Phoenix Coyotes owner Greg Jamison was unsuccessful in trying to land minority investors through the U.S.’s Immigrant Investor Program. The program gives wealthy immigrants a green card in exchange for a $1 million investment in a U.S. business.Seeking foreign investors was a novel approach by Jamison, and could be an option for future sports owners seeking minority investors. Nevertheless, one source said the plan was unsuccessful for Jamison because the Coyotes just aren’t a good investment.
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