Out with one financially troubled franchise and in with another.
According to a report on Forbes.com it appears the New Jersey Devils will be taken over by the NHL in time for the start of the 2013-14 season.
The report states the Devils hold $230 million in debt, with an annual debt payment of $15 million, and that owner Jeff Vanderbeek recently missed the first payment of a restructured bank loan.
The story mentions that it's unlikely the Devils will be put into bankruptcy like the Phoenix Coyotes were, because it's against the wishes of the NHL, which hopes to quickly find a new owner.
The NHL had been running the Coyotes for more than three years after former owner Jerry Moyes put the franchise into bankruptcy in 2009. The league finally sold the Coyotes for $170 million last week.