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...
Showing posts with label Charles Wang. Show all posts
Showing posts with label Charles Wang. Show all posts
Friday, March 28, 2014
Wednesday, October 24, 2012
DEVELOPING: Islanders Heading To Brooklyn--Updated
New York Islanders owner Charles Wang has tried for a long time to find a new home for his hockey club- whether it's in New York or elsewhere (like, Kansas City)
Now, it appears that the Barclays Center in Brooklyn will be their new home in 2015 when the team's lease runs out at the antiquated (and downright nasty and outdated) Nassau Coliseum. The team announced Wednesday, they've signed a 25-year deal.
NHL Commish Gary Bettman hasn't been all that sold on the idea of a move to Barclays because capacity for hockey would be even less than MTS Centre in Winnipeg, but he'll be at the afternoon presser along with Wang, Islanders personnel, and other muckety-mucks.
As far back as 2003, Wang tried to introduce what became known as the "Lighthouse Project"- a billion-dollar redevelopment of the area on Long Island, but voters turned down the idea of bonds associated with the deal.
The funny thing about this is considering the current tenor of talks between the NHL and it's players, there is no guarantee there will ever be a game in Brooklyn. The NHL and the NHLPA have been at odds for months and a recent olive branch extended by the league was tossed aside by NHLPA president Donald Fehr. Many are starting to wonder if the league will be able to survive this latest stoppage in play.
OSHA has even been breathing down Nassau Coliseum's neck- citing the building for 16 violations including asbestos exposure. SMG, the manager of the Coliseum is saying that the issue has been fixed.
We don't anticipate the Isles opening night (whenever that is) will match this, however...
((HT: NigelDMedia))
Now, it appears that the Barclays Center in Brooklyn will be their new home in 2015 when the team's lease runs out at the antiquated (and downright nasty and outdated) Nassau Coliseum. The team announced Wednesday, they've signed a 25-year deal.
NHL Commish Gary Bettman hasn't been all that sold on the idea of a move to Barclays because capacity for hockey would be even less than MTS Centre in Winnipeg, but he'll be at the afternoon presser along with Wang, Islanders personnel, and other muckety-mucks.
As far back as 2003, Wang tried to introduce what became known as the "Lighthouse Project"- a billion-dollar redevelopment of the area on Long Island, but voters turned down the idea of bonds associated with the deal.
The funny thing about this is considering the current tenor of talks between the NHL and it's players, there is no guarantee there will ever be a game in Brooklyn. The NHL and the NHLPA have been at odds for months and a recent olive branch extended by the league was tossed aside by NHLPA president Donald Fehr. Many are starting to wonder if the league will be able to survive this latest stoppage in play.
OSHA has even been breathing down Nassau Coliseum's neck- citing the building for 16 violations including asbestos exposure. SMG, the manager of the Coliseum is saying that the issue has been fixed.
We don't anticipate the Isles opening night (whenever that is) will match this, however...
((HT: NigelDMedia))
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