New York Islanders – A Franchise For Sale?
It has been rumored that New York Islanders owner Charles Wang is listening to offers for a potential sale of the team. Today, Sports Business Journal columnist Chris Botta has reported that Wang and Philadelphia lawyer and hedge fund manager Andrew Barroway have an understanding with each other for Wang to sell the team to Barroway for $400 million.
Nothing is imminent between the two sides, but it is clear that two sides have at least discussed a price for a sale of the New York Islanders franchise. It makes sense for Wang to sell the team now due to the fact he has lost money virtually every year since he’s been the owner. With the team looking at $50 million in revenue per year when they move to Brooklyn for the 2015-2016 season, the price is probably never going to be higher. The Barclay Center already a good move for the franchise. Sports Business Journal also reported that the agreement on price has enabled Barroway to start looking for partners. This would put Barroway a step to closer to making the deal. Although Barroway and Wang have a price set, it does not mean Wang will sell the team to Barroway.
There are still many potential buyers who would like the opportunity to make their pitch but it seems like Barroway is the front-runner thus far. Wang appears to be in no rush to sell the New York Islanders. He may decide to back out of a potential sale and continue to run the organization. It is clear that the rumors will heat up again this summer when the NHL Stanley Cup Playoffs are over. With all of this said, this is definitely something that could happen, but nothing appears to be imminent. Regardless, a sale would be in the best interest of everyone involved at this point.