Devils owner Jeff Vanderbeek, searching for a way to rescue his financially troubled hockey team, has reportedly agreed to a deal in which co-owner Ray Chambers would pay lenders $25 million while giving Vanderbeek another 47 percent stake in the NHL club.

The New York Post reported that Chambers, through his Brick City company, agreed to pay the unexpectedly low figure of $25 million while surrendering his 47 percent share of the team. While the cash would go to help pay off the Devils' significant debts, Vanderbeek would assume a 94 percent ownership stake in the team with Peter Simon owning the other six percent.

To complete the deal it would require approval of the NHL's board of governors and Devils' lenders.

Neither Vanderbeek nor his representatives returned calls.

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Rich Chere: rchere@starledger.com

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