Friday, March 28, 2014

Charles Wang Looking To Sell The Islanders...???

New York Islanders owner Charles Wang is talking to potential buyers about selling the majority of his stake in the team.

TSN's Bob McKenzie Tweeted this out shortly after midnight:

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.

The franchise loses eight-figures a year. Josh Kosman over at the New York Post, reported over a year ago, that Wang was looking at the Raine Group to kick the tires on a sale. IN the same article, Kosman says that Wang and the Islanders face a $75 million loan repayment at the end of this season.

Wang has been the Islanders' majority stakeholder since 2004, when he bought out the share of business partner Sanjay Kumar. He wanted to (and rightfully so) get the team out of the craphole that is the Nassau Coliseum. Wang suggested a multi-billion dollar redevelopment of commercial, residential, and athletic space called the Lighthouse Project.

The measure failed after almost a decade of debate on the Island and Wang's frustration has been evident since.

The Islanders are set to move to the Barclays Center for the start of the 2015-16 season. Here was an interview Wang did with Mike Francesa at the time of the announcement
((HT: YES Network))

Islanders fans seem excited about the deal moving the team in town...

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