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Vanderbeek makes deal to retain full control of Devils

Newark, NJ (Sports Network) - Jeff Vanderbeek has made a deal which will allow him to retain full control of the New Jersey Devils and avoid a looming bankruptcy.

In its Thursday report, the Star-Ledger revealed the deal was settled within the last week, and that Vanderbeek was able to work with the National Hockey League and several banks -- including lead debt arranger CIT Group -- to whom he owed $178 million.

"Today's announcement is good news for Devils fans though I fully recognize fans' frustration with the work stoppage. 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," said Vanderbeek in a statement.

"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."

Despite the financial turmoil, New Jersey made it back to the Stanley Cup Final in June, losing a six-game series to the Los Angeles Kings. The windfall from that title run was an estimated $32.3 million, reported the Star-Ledger.

01/03 14:53:24 ET