Vanderbeek gains sole ownership of Devils

New Jersey Devils managing partner Jeff Vanderbeek has become the sole owner of the club after completing the process of refinancing the team's debt and buying out his partners, the team said in a release.

Vanderbeek takes over the 47 percent share of Brick City LLC, which was headed by Mike Gilfillan and Ray Chambers, and the six percent owned by Peter Simon.

"Today's announcement is good news for Devils fans though I fully recognize fans' frustration with the work stoppage," Vanderbeek said in a statement. "Our future is now secure and we can be confident of continued on-ice success. Our team has gone to the Stanley Cup Final five times in the last 17 years and following the most recent run to the Stanley Cup Final last year, we are excited about our future -- for Jersey's team and Prudential Center, home to the 2013 NHL Draft.

"I am grateful to Mike Gilfillan and Brick City Hockey for our former partnership. Together we shared a passion that led to the building of the Prudential Center -- truly a shining jewel of a facility and in my view one of the best arenas in the entire world. The Rock is a great legacy for which we will always be proud."

With CIT group working as the lead arranger, Vanderbeek has been working for months with its creditors to refinance its team debt, which according to reports, is about $78 million.