Chambers' stake includes part of the Prudential Center, where the Devils play, it said. The arena is also used by two basketball teams, the New Jersey Nets and New York Liberty.
The deal needs the approval of the NHL and the Devils' lending group, the report said.
The cash will go to refinancing the team's debt and Vanderbeek, the majority owner and a former senior banker at Lehman Brothers, will take over Chambers' stake, it said. The two men bought the Devils in 2004.
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