Report: Islanders attract more potential buyers
Two more potential buyers have surfaced in New York Islanders owner Charles Wang's attempts to sell the franchise, according to Christopher Botta of SportsBusiness Daily.
Wang has been in talks with Philadelphia hedge fund manager Andrew Barroway to purchase the franchise since late March. As Barroway continues to recruit financial partners for the deal, Botta cites a financial industry source who says Wang has received interest from at least two other potential buyers. The Islanders' move from aged Nassau Veterans Memorial Coliseum to Brooklyn's Barclays Center for the 2015-16 season has increased the team's projected value.
"The Islanders are a year away from moving to Brooklyn, and the lease there is good,” said the source. “Once Mr. Wang said publicly that he was listening to offers, it was inevitable that interest would pick up. The Islanders are now an attractive commodity.”
Barroway reportedly remains a strong suitor for the Islanders, and could benefit from the positive impression he left with the NHL during his negotiations to purchase the New Jersey Devils last year. Barroway reportedly withdrew his interest after taking a closer look at the Devils' finances.
The SportsBusiness Daily report offers a scenario in which Barroway could start out as a minority partner holding 30-49 percent ownership, with Wang remaining as majority ownership for the '14-15 and '15-16 seasons.
“He loves hockey and came across as a very likeable, sincere guy,” said a source who was involved in the Devils discussions. “From what I can tell, he wants to be an owner and just hire the best president, general manager, and sales and marketing executives that he can find. He wants to sit in the owner’s suite, enjoy the hockey, and let everyone do their jobs.”