[Rumour] Barroway set to buy the Islanders for $400 mil. update: suing Wang for backing out

[Sidney Crosby's Hat]

Originally Posted by Jacks

Gotta think the first order of business for a new owner will be to walk Snow out of the building.

I had read somewhere that keeping Snow was going to be one of the conditions of the sale.

[Joborule]

How does that guy stick around? What does he have on Wang?

[kyuss275]

Originally Posted by Sidney Crosby's Hat

In Brooklyn you've got to think they would be worth $400 million. So much potential and a much better location than Long Island in terms of the ability to grow the fan base.

Yup. Charles Wang is not selling the Uniondale Islanders, he is selling the Brooklyn Islanders.

[UKflames]

The Islanders have a pretty good team but they do need a GM who can get some more pieces to get to the playoffs and make some noise.

A new owner is just what this franchise needs, bring in some cash, a decent GM and a few players and things could turn out good for the new fans after the move to Brooklyn.

Maybe Barroway wants to rush through the sale so he can get rid of Snow as soon as possible whilst Shero is available

[Chingas]

Came for the second round of the Wang is out jokes. Leaving disappointed.

[OffsideSpecialist]

Since Wirtz kicked the bucket I think Wang has been the runaway worst owner in the league. I know nothing about this guy, but Wang getting out of hockey has to be good news for Isles fans.

[sureLoss]

Apparently there is a rumor out on twitter that Barroway promised his investors that the Isles will be a cap floor team for the foreseeable future.

[trackercowe]

Originally Posted by sureLoss

Apparently there is a rumor out on twitter that Barroway promised his investors that the Isles will be a cap floor team for the foreseeable future.

Poor Johnny T. He's going to have to languish there for years unless he forces a trade. It's almost impossible to envision a cap floor team contending for anything more than a low playoff spot.

[SuperMatt18]

If that is true the NHL should not approve the sale. They should be able to find a buyer that actually has deep enough pockets for a New York based team that will be selling at a low point.

For all the flack that Wang gets I would have liked to see what would have come from the team if his Lighthouse project that included a new arena would have been approved.

[dissentowner]

Originally Posted by sureLoss

Apparently there is a rumor out on twitter that Barroway promised his investors that the Isles will be a cap floor team for the foreseeable future.

His investors being John Spano.

[SebC]

Originally Posted by trackercowe

Yep, heard the same thing as well. Minimum of 900 million, but likely more than a billion for a franchise he paid next to nothing to. There's method to the madness when it comes to buying a Big Four franchise. Even if you lose money from year to year, 99% of the time you'll reap a huge windfall when reselling the team.

Sounds like a bubble.

[blankall]

Originally Posted by Table 5

I hope they triple-checked his bank account.

TSN just replayed the 30 for 30 on the whole debacle. Pretty shocking what Sprano got away with.

A must watch for hockey fans.

[PeteMoss]

^^ Supply and demand. More rich guys who want these teams than teams are available. Whenever you have trouble selling a team its because the league puts restrictions on it (i.e. moving the Coyotes)

[Vulcan]

Originally Posted by blankall

TSN just replayed the 30 for 30 on the whole debacle. Pretty shocking what Sprano got away with.

A must watch for hockey fans.

and people wonder why I think Bettman is incompetent.

[Beatle17]

Originally Posted by Vulcan

and people wonder why I think Bettman is incompetent.

Please fill us in on why he is incompetent? Revenue has risen every year he has been in charge, team values have increased 10 times and somehow he is incompetent, wow.

[Vulcan]

Originally Posted by Beatle17

Please fill us in on why he is incompetent? Revenue has risen every year he has been in charge, team values have increased 10 times and somehow he is incompetent, wow.

watch the show

[Joborule]

Originally Posted by Vulcan

and people wonder why I think Bettman is incompetent.

He fooled a lot of people. Not everyone can do Bettman job, and do it as well as he has. Plus, the 30 NHL owners seem to think he's been doing a good enough job to keep him around, and I imagine the majority of the owners aren't incompetent.

Do you have any suggestions for anyone who can do better?

[Resolute 14]

Originally Posted by Beatle17

Please fill us in on why he is incompetent? Revenue has risen every year he has been in charge, team values have increased 10 times and somehow he is incompetent, wow.

Don't waste your time. Vulcan is probably the single most extreme example of selective hearing/reading in the history of this website.

[underGRADFlame]

Originally Posted by iggysback05

If there's an organization that needs an entire cleansing it's the Islanders. They were such a proud franchise when I was a kid. It's a Goddamn shame what's become of that franchise.

I raise you the Edmonton Oilers.

[sureLoss]

Barroway is suing Wang for $10 million for backing out of what he says was a handshake deal to buy the Islanders:
http://www.nydailynews.com/sports/ho...n=NYDNSportsTw

New York Islanders owner Charles Wang was clocked with a $10 million lawsuit Monday by suitor Andrew Barroway for backing out of their deal to make a trade for $420 million.

In papers filed in Manhattan Supreme Court, Barroway’s corporation, NY ICE claims the parties “shook their hands on an agreement” and NY Ice started to line up NHL approval and financing.

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.

In midsummer, according to court papers, Wang demanded $548 million for the team. When Barroway refused, Wang notified him on Aug. 1 that he had sold the team to other bidders.

Court papers blame the aborted deal on Wang’s “greed” which they said was inspired by the sputtering bid by Steve Ballmer to buy the Los Angeles Clippers basketball team for $2 billion.

“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.

“The failure to follow through with the sale has caused NY Ice irreparable harm” and if the deal can’t go forward, the firm says in court papers, “NY ICE is entitled to the $10 million ‘break up’ fee to which the parties agreed” or to be reimbursed for its costs and losses.