David Blitzer is fully aware his second season as an owner of the New Jersey Devils will not be a profitable one for the team.
Blitzer explained to Tom Gulitti of The Record he is not concerned about the financial state of the franchise, preferring to take a more long-term view.
We’re not going to make money this year. Let’s be clear. I don’t know the exact numbers, but our view is to get it to the right place and we know over a longer period of time we do believe we can get it to be a profitable team on the business side or the equation. It is not today. I don’t expect it to be next year, but over time you can’t have a business that over 30 years it doesn’t become a profitable team because that just doesn’t work.
Blitzer and Josh Harris purchased the Devils a year ago for $320 million and inherited a team spending to the salary cap while averaging just over 15,000 fans at home games. They inherited a franchise that was run on a tight budget in many ways and improving things like non-hockey personnel will require further investment.
Blitzer says he and Harris paid down a lot of the debt they inherited through the team to gain some financial stability. The team has also more than doubled the number of non-hockey personnel in an effort to grow the business side of the franchise.
"We are still actively investing in the team and have not been concerned," Blitzer said. "We want to do the right things and get the organization in the right place and we haven’t stressed about what that meant to the (profit and loss)."
Blitzer and Harris want to forge stronger connections with the surrounding New Jersey business community with the hope that will lead to increased ticket and luxury box sales.
Devils general manager Lou Lamoriello has the green light to spend to the cap despite New Jersey's financial issues, which he sees as a welcome change from when the team had to report to the league on financial decisions.
"The resources are there and we have no excuses," Lamoriello said. "The support is there in every area."
[h/t: ProHockeyTalk]