The New York Islanders have long been living in the shadow of the Rangers; in large part due to bad choices and a bad record. There is hope building on the Island, but not Islanders owner has once again brought a negative spotlight to town. Charles Wang is being sued for backing out of the sale of the New York Islanders.
It seems that a change of heart is fine, but when you are in the middle of a $420 million deal to sell the New York Islanders to Andrew Barroway changing your mind will get you served. The report found on CBS Sports seems to indicate that the sale of the Islanders was nearing the eleventh hour when Wang got cold feet. It is also believed that part of Wang’s problem may be that he believes the Islanders are worth more than the agreed upon amount of $420 Million. Let’s call this the Los Angeles Clippers affect.
However, Wang “without notice, abruptly refused to proceed to close the transaction and honor the terms of their 70-page purchase agreement but instead improperly sought to renegotiate the already agreed upon price” in March.
Wang was having seller’s remorse,” the court papers say, “because he believed he had agreed to sell the Islanders for a price too low after hearing the unrelated news that a $2 billion bid was place to purchase” the Clippers. [NY Daily News/CBS Sports]
This news is just another example of an NHL owner hurting his game. But, there could be a silver lining here. The Islanders will be moving to the Barclays Center for the 2015-2016 season. Moving to the new building will help bring in free agents, and will greatly improve the image of the Islanders. If the lawsuit between Barroway (NY Ice) and Wang can be settled both parities stand to make more money.
The numbers are fairly black and white, Forbes values the New York Islanders at $195 Million (2013). Wang bought the Islanders in 2000 for a reported $130 Million. A profit of $280 Million could end up costing Wang $10 Million if the lawsuit goes through and Barroway’s is able to win. In today’s world of ownership it is becoming clear that current owners and prospective buyers are just playing games with their very big toys.
I’d rather just see a closed-door sale and not have to see another black eye delivered to a NHL team. If you want to play with the big boys than act like a big boy. Not a spoiled little baby.