Report: NHL to take control of money-losing Devils

Just when the NHL thought they were done with the league-owned Phoenix Coyotes, a similar situation has popped up on the East Coast. The New Jersey Devils are in debt and in need of new ownership.

Enter NHL Commissioner Gary Bettman, who is preparing to take control of the financially-strapped Devils from team owner Jeff Vanderbeek, according to the New York Post.

Vanderbeek, according to sources, owes roughly $77 million in past debt to lenders. The deadline to pay that debt, which was originally set for early July, has been pushed back to August 14th following the Devils' postseason success.

Bettman is now prepared to take control of the Devils if there is any indication that Vanderbeek will not be able to meet the deadline.

Vanderbeek is reportedly working on a deal to sell a majority stake in the team to a mystery investor, which would allow him to pay his debts and remain a part of the organization. One other option being discussed is filing for bankruptcy, which would buy Vanderbeek time to settle the financial issues with the team.