In an expected move, Philadelphia 76ers owner Josh Harris officially bought the New Jersey Devils on Thursday, according to a report from the Associated Press. The deal includes the rights to the lease for the Prudential Center.
The news comes a day after the NHL Board of Governors approved the deal to transfer ownership from the team's now-former owner, Jeff Vanderbeek, to Harris.
Vanderbeek will remain a senior adviser to the team. Lou Lamoriello, president and general manager of the Devils, will also remain with the team. Sixers Chief Executive Officer Scott O'Neil, who had previously served as the chief executive for Madison Square Garden, will become the new CEO of the Devils. The Devils are approximately $25 million in debt to the NHL, and their payroll for next season is projected at around $55 million. The team missed the playoffs last season after losing to the Los Angeles Kings in six games in the 2012 Stanley Cup Finals.