Islanders owner faces lawsuit for backing out of sale agreement

Islanders owner faces lawsuit for backing out of sale agreement Photo:

Islanders owner Charles Wang faces a $10 million lawsuit after allegedly backing out of an agreement to sell the team, according to the New York Daily News.

More: NHL draft winners and losers: The Islanders are full of promise​

According to papers filed in a Manhattan court and obtained by the Daily News, potential buyer Andrew Barroway is suing Wang for $10 million, saying that Wang went back on a handshake agreement the two men made in March.

Wang and Barroway had allegedly agreed to a $420 million sale price, but Wang is said to have backed out after hearing of Steve Ballmer's $2 billion bid for the Los Angeles Clippers.

More: Islanders sign Grabovski and Kulemin to four-year deals

Under terms of the deal, according to the filing, Barroway's corporation, NY ICE, would have 100 percent of the equity in the Islanders, while Wang's corporations would have received a 25 percent interest in NY ICE.

New York will play its final season at Nassau Coliseum in 2014–15. They following year they will take up residency at Barclays Center in Brooklyn.

- Dan Gartland

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