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October 26, 2012 | 3:39pm ET
Devils continue talks with prospective new owner
TheFourthPeriod.com

In the wake of the New York Islanders announcing that they'll be moving to Brooklyn for the 2015-16 season, the New Jersey Devils could find themselves with an announcement of their own in the coming months.

TFP first broke the news on Aug. 16, and again on Aug. 20, that Canadian billionaire Bill Gallacher was attempting to purchase the Devils.

Gallacher's efforts remain ongoing, a source close to the situation told TFP, and talks could lead to an announcement as early as January 2013.

The Devils, led by majority owner Jeff Vanderbeek, have been in financial turmoil for the last few years and that has led to him quietly shopping the team to Gallacher.

It's believed Gallacher is looking to purchase a majority stake in the Devils

Gallacher, who owns the WHL's Portland Winterhawks and is Chairman at Avenir Operating Corp., came close to buying the Dallas Stars a few years ago, before losing out to fellow-Canadian Tom Gagliardi.


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