According to Josh Kosman of the New York Post, with just a week remaining to pay off some previously over-due loans, New Jersey Devils majority owner Jeff Vanderbeek is still approximately 20 million dollars short.

Should Vanederbeek fail to pay off his debts in time or arrange an extension on the deadline date, Vanderbeek could lose his control of the franchise, Kosman reports.

However, Vanderbeek is reportedly still working with lenders and investors in hopes of accumulating enough money to pay off the debts and retain control of the 2011-12 Eastern Conference Champions.

Keep in mind this report is from the New York Post and at times they like to over exaggerate things, especially when it comes to the Devils, but there is no doubt that the Devils financial situation could certainly be a lot better.

I'll be back later if any news breaks.

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