ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, July 14, 1995                   TAG: 9507140119
SECTION: SPORTS                    PAGE: B-5   EDITION: METRO 
SOURCE: Associated Press
DATELINE: EAST RUTHERFORD, N.J.                                LENGTH: Medium

DEVILS OPT TO REMAIN IN JERSEY

The New Jersey Devils will be staying right where they are for at least one more season.

However, the Stanley Cup champions need to secure a $25 million loan by mid-September, or the tentative agreement to keep them in New Jersey for the next 12 years could fall apart after one year, sources said.

After months of heated negotiations and threats of a move to Nashville, Tenn., the NHL team and its landlord announced Thursday the team will play at Byrne Arena next season and have the framework of a deal to keep the Devils there through 2007.

Nashville Mayor Phil Bredesen said he was disappointed the Devils decided to stay in New Jersey, but that the city's lucrative offer stands for any NHL or NBA team. He said his office has been fielding calls from interested franchises.

For the Devils to stay the next 12 years, they must obtain their loan before Sept.15, the deadline the team and the New Jersey Sports and Exposition Authority set for formalizing their agreement.

In addition, a clause in the agreement would prevent the sports authority from bringing baseball or other additional pro sports franchises to northern New Jersey before 2002, sources close to the talks said.

John McMullen, the Devils' owner, reportedly has lost about $28 million since buying the franchise and moving it from Colorado to New Jersey in 1982. He wants to use the loan to pay off debt arising from the original move, but lenders are hesitant to extend credit because of the team's financial status, the source said.

Under the tentative agreement, the sports authority has guaranteed to commit a minimum of $12 million to renovate the arena. Money also will be raised by allowing a corporate sponsor to rename the arena where the Devils and the NBA's New Jersey Nets play.

The Devils would benefit from increases in their percentage of concessions, parking and suites revenue. They would also have $1.6 million in debt forgiven. 


 by CNB