Thursday morning the New Jersey Devils announced that the team has been sold to billionaire Josh Harris and co-owner David Blitzer, thus beginning the new era in Jersey.

"It is with great pride I stand here today," Harris said, saying the team, the arena and the city were rich with opportunities for growth.

"I want to make the world a better place and I want to help communities," Harris said. "I'm really excited about being a part of Newark and being helpful."

According to the Newark Star-Ledger Harris and Blitzer, an executive at The Blackstone Group, a private equity firm, have made their fortunes buying companies and building them up. While both men said they were eager to participate in Newark's resurgence, they were clear that the team and the arena provided unique opportunities for growth.

The sale of the franchise was approved by the National Hockey League but the sale price has yet to be disclosed. However, reports in recent days suggested the deal could be worth as much as $320 million, but NHL commissioner Gary Bettman said Thursday that there has been "a lot of speculation" about the sale price "and most has been wrong."

The announcement and the approval of the sale by the NHL ends the nine-year ownership of Jeff Vanderbeek a period marked by several achievements none more significant than the club's move from the Meadowlands to Newark. The switch lent cachet to the team as well as to the city's downtown. Vanderbeek will remain with the organization as a senior adviser.

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