For Sale: The New York Islanders

Per Bob McKenzie @TSNBobMcKenzie , “NYI owner Charles Wang in talks to sell majority stake in NHL franchise. Nothing done yet, no telling if it gets done, but talks underway.”

Minutes after Bob McKenzie dropped this bomb on #Isles Twitter, the reactions came fast a furious and continued into the coming days.  Some fans who hate Charles Wang and Garth Snow began a jubilant celebration and wanted a deal done in the next 5 minutes, while others found it interesting and would wait for the coming details.

After absorbing the news, I thought that whatever might happen would take some time, although I did think it was possible for ownership and a potential buyer to reach a deal prior to what will be another pivotal off season for the Islanders.  With the final season as a tenant in the NVMC coming in 2014-15, The Isles are ready to close out their stay in Nassau County in a memorable way.  Soon after that, they can take a big step into the future by way of a move to Brooklyn for the 2015 season.  What I don't want is a long, dragged out horror show that the fans struggle with.

Initially, some speculated that the Barclay’s group may be in the running to take over their incoming tenants from Uniondale.  Russian Billionaire and Nets owner, Mikhail Prokhorov was the logical source for the rumor.  Per Katie Strang. "For those wondering about Prokhorov's potential interest, his spokeswoman referred me to previous statements he's made on matter.  Assuming that means when he has previously stated that he has "no interest in purchasing another team at this time."  Once again, Prokhorov’s camp denied the rumor.

The one thing that was true about McKenzie’s claim that Charles Wang was in talks to sell the team.  All of it.  Per Chris Botta, “SBJ: NHL source confirms Bob Mc's Isles sale talks tweet. But source says: 1. Deal far from complete 2. Wang furious over news leak.”  Botta added, “Wang regained control of biz ops in Feb. for rest of Isles time in Nassau. Nets group had run all areas except hockey since July.”

 

Wang’s statement, ”In recent months, there have been numerous expressions of interest in the purchase of the New York Islanders. As I have consistently stated, I have been and remain willing to listen. However, potential buyers expressions of interest in the team or even my listening to them does not mean that any deal will be reached."

 

 

 

 

 

The reported purchase price is $225 million, with an additional $75 million if the team hits certain revenue clauses.  On the plus side for ownership, the Isles will receive $50 million guaranteed from the Barclays annually and $27 million annually from Cablevision.  With the Barclays and Cablevision annual guarantees,  along with the change in venue for the team, $10 million in losses for a given season is most likely a thing of the grim and soon to be forgotten past.

 

On Friday, Syracuse.com posted an article about a potential buyer.  AHL, Syracuse Crunch Owner, Howard Dolgon. It mentioned that he will soon be speaking with a friend of his who has deep enough pockets to bankroll investigating a possible bid for the NHL's New York Islanders.

 

Per Lindsay Kramer, “From the day he brought the Crunch to Syracuse 20 years ago, Dolgon has said his ultimate goal is to own an NHL team.  Dolgon has a home on Long Island close to where the team currently plays and is a native of Brooklyn, where the Islanders are relocating in 2015-16.

 

Dolgon has said he will never give up controlling interest in the Crunch and re-iterated that stance on Friday. If he became involved with the Islanders he could still operate the Crunch, although presumably Syracuse will remain in its long-term affiliate with current parent club Tampa Bay.”

It was also revealed that Dolgon was contacted by John Spano about buying in to Isles Ownership just before Spano was uncovered as a fraud.

Recently, the N.Y. Post identified a potential buyer as Andrew Barroway. Barroway was in talks to purchase the N.J. Devils last year, including a $30M loan to make payroll, but backed out after checking their books.  Aside from backing out of the Devil’s opportunity, Barroway missed out for a bid on the NBA’s Philadelphia 76’ers.

UPDATE:  Former Islander, Pat Lafontaine is rumored to be part of the Barroway camp.

As an interesting side note, Chris Botta reminds us, “Isles bidder Andrew Barroway was a plaintiff in 2007 lawsuit against Charles Wang and other Computer Associates execs.”

So it looks like we will once again sit back and wait for details to trickle through the cracks in Isles country.  I am hopeful that this franchise can finally get the support it needs and start reliving some of the glory it once remembered.  The fans will remember how to react.  Trust me.

 

 

Isles Notes:

 

Per Chris Botta, “SBJ Exclusive: Nets mgt hires Gameplan agency of Chicago to market Isles in Brooklyn. Branding, 3rd jersey.”

 

Per NYI, “@ColinMcDonald13 was named the Masterton Memorial Trophy nominee for the team by @ThePHWA.”

Per Chris Triantafilis, “Kirill Pertrov went 14-15-29 in 53 KHL games this season - same point total from a few seasons ago. Figure his name will pop up soon.”