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John McMullen’s 18-year reign as the owner of the New Jersey Devils ended Thursday with the sale of his team for $175 million to an affiliate of the company that owns the New York Yankees and the New Jersey Nets.
The deal between Puck Holdings and McMullen, which requires NHL approval, is expected to be finalized no later than June.
It would appear to clear the way for the Devils and the NBA’s Nets to move from the Continental Airlines Arena in the Meadowlands sports complex to an arena to be built in Newark.
Gov. Christie Whitman, emphasizing her desire to keep the teams in New Jersey, said Thursday the state would commit funds, although probably not more than the $75 million initially requested by YankeeNets, to an arena for two teams.
