Newark, NJ – The City of Newark and the New Jersey Devils have reached a definitive agreement on the Devils Financing Commitment that will allow the Newark Arena Project to move full speed ahead and be completed on time for the Devils opening Game in October of 2007!

New Jersey Devils Chairman Jeff Vanderbeek stated that, “The Devils are ecstatic that we have concluded an agreement with the City of Newark that ensures the Newark Arena will be our home starting with the 2007/08 season, and for many years thereafter!  As I’ve said in the past, we look forward to October 8, 2007 when our fans will come to Newark and watch the New Jersey Devils play in a world class setting!”

According to Patrick Hobbs, “The City and Devils have worked diligently during the past three days to ensure the success of the Downtown Core redevelopment.  Art Ryan and I are satisfied that both parties will fulfill their obligation and be able to successfully bring about a transformation of Newark’s Downtown Core.  Art and I want to congratulate Richard Monteilh, Jeff Vanderbeek and their representatives for working hard to satisfy each others, and our, concerns.  The agreement is fair to all parties, will protect the investment of the taxpayers, and allow the Devils to begin play in Newark in October 2007.”

“The Agreement reached today allows for the Arena to move on a fast track basis unimpeded by conditions of performance that were the source of conflict in the past.  The Devils will secure their obligation with a $100 million letter of credit,” said Richard Monteilh.

Mayor Sharpe James congratulated negotiators on both sides and stated that the necessary blood, sweat and tears has created an economic project that will benefit the State, Newark and the Devils for generations to come with new jobs, tax ratables, hotels, a community center, restaurants and a new image for our region.