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Report: Wang seeking to sell Islanders

Feb 16, 2013, 12:36 PM EDT

Charles Wang Getty Images

According to Josh Kosman of the New York Post, Islanders owner Charles Wang is trying to sell the team.

The report says Wang is in preliminary talks with Manhattan investment bank, The Raine Group to sell the team to them. The price tag Wang is seeking out for his money-losing franchise is a sky-high $300 million. Considering the Islanders aren’t drawing well on Long Island (only the Coyotes draw worse at home) and are due to move to Brooklyn in 2015, he might be setting his target amount a wee bit too high.

That said, the fact the team is moving to a better location closer to New York City does make them more attractive to potential buyers. Finding someone willing to come up with Wang’s insane asking price or something close to it might prove to be difficult.

For what it’s worth, the Islanders have denied the report and said there’s no truth to it. There’s a grain of salt to be taken for this whole thing.

  1. danaking - Feb 16, 2013 at 1:12 PM

    I used t work for Charles Wang when he was milking Computer Associates for the money he’d use to buy the Islanders. Take everything he says and everything said about him with a large block of salt. It’s not surprising the Islanders fell apart under his ownership; it’s karma.

  2. nopuntintended - Feb 16, 2013 at 1:15 PM

    “I’ve run this team about as far into the ground as I can here, I think my job is done.”

  3. scaarepittschamberofcommerce - Feb 16, 2013 at 1:16 PM

    LOOOOOOOOOOOL 300 mil? Delusions…. delusions everywhere.

  4. jernster21 - Feb 16, 2013 at 1:47 PM

    They must have been discussing lunch when that picture was taken – clearly he wants a $5 foot long since he’s on a budget.

  5. kegmen7 - Feb 16, 2013 at 1:48 PM

    Its hard for me to criticize this guy. He has done everything possible to turn the Islanders into a stronger franchise, beginning with their arena, but has rebuked at every stop by local politicians and voters. I understand that most stadiums are shady because they’re financed by taxpayers rather than their billionaire owners, but the Coliseum truly is an embarrassment- absolutely no quality free agent would ever choose to play there. This guy has tried everything to keep the team in Long Island and make it attractive to free agents and fans alike. If he wants to sell the team and they end up moving the voters of Nassau county only have themselves to blame.

    • tuberippin - Feb 16, 2013 at 2:03 PM

      They’re already moving regardless of whether or not he sells the team.

      • bcisleman - Feb 16, 2013 at 4:45 PM

        His point, I think, was that Wang did all he could to keep the team on the Island and has ensured that it at least will not leave NY…all of which is true regardless of the truth of this report.

      • kegmen7 - Feb 16, 2013 at 7:22 PM

        bcisleman is correct, but also that if a group from Seattle, Hamilton, or any other location were to buy the team they would have several hundred million reasons why they’d be able move them wherever they desired….

      • bcisleman - Feb 16, 2013 at 11:28 PM

        Um no. Wang signed an ironclad lease for 25 years. Whatever happens, the Isles will be in Brooklyn until at least 2040.

    • misterchainbluelightning - Feb 16, 2013 at 2:33 PM

      clueless as it gets

      • bcisleman - Feb 16, 2013 at 4:46 PM

        You certainly are.

      • misterchainbluelightning - Feb 16, 2013 at 9:36 PM

        Ya because only the stupid commenters we have filling this place would fail to understand that for YEARS Charles Wang has been named as one of the worst owners in all of pro sports.

        Different publications different years, Wang’s name always there, and then he Admits he wishes he never bought the team and these buffoons still think he’s an ok guy. LOL

        “arguably one of the best” farm systems in the NHL. BUHAHAHAHAHAHAHA! Yet cries like some loser about the difference between 13 years and 15 years. “it’s 13 not 15!”

        Utter and complete idiot, douche and buffoon who is comparative to Philly fans that you are

      • bcisleman - Feb 16, 2013 at 11:33 PM

        You obviously are a moron who knows NOTHING about the Islanders or Wang. He kept the team afloat when they looked like they would fold and he kept them in NY. He certainly never considered selling away our 91 like one of your previous owners was going to do with Stammer.

      • misterchainbluelightning - Feb 17, 2013 at 12:09 AM

        Tell us again how many playoff series they have won under Wang?
        And LMAO at the best you can come up with is some rumor that never happened about Stamkos while you’re failing at understanding the Josey Wales reference and mistaking me for a Lightning fan.

        Blah Blah Blah he bought the team, regrets it and has said as much. The team never moved and you ate up that clap trap negotiation tactic of moving the team to KC with a spoon.

        Silly lil boy

  6. giantssb42champs - Feb 16, 2013 at 2:07 PM

    I hear John Spanos is interested.

  7. giantssb42champs - Feb 16, 2013 at 2:17 PM

    It’s a shame that this franchise has been so mismanaged since John O. Pickett, who had Bill Torrey build the dynasty team, sold the team in the 1980s. The fans deserve a better product and a crap arena that is not imploding on itself. At least they’ll get the latter when they move to Brooklyn in 2 years.

    I think Wang has tried his best but dopey front office and coaching hirings like Mike Milbury and Don Maloney, not to mention the whole Neil Smith debacle, only solidified to further doom the franchise into two+ decades of ineptitude.

    Time for a fresh start.

    • bcisleman - Feb 16, 2013 at 4:48 PM

      Wang made his mistakes but when he took over, the survival of the franchise was at stake. He sustained it and has been very patient as Garth Snow has worked to undo all the damage Milbury caused.

  8. atwatercrushesokoye - Feb 16, 2013 at 2:39 PM

    What he should be trying to do, in anticipation of the move to Brooklyn, is sell 1/16 of 1% ownership to Jay Z (I believe that’s what he owns in the Nets) to try and make them hip and relevant. But with the way he’s mismanaged this team he’d sell 16% to Vanilla Ice and run them even further into the ground.

  9. misterchainbluelightning - Feb 16, 2013 at 2:40 PM

    Funny to read these clueless opinions about the guy that finds a way to make worst owners in sports lists year.

    “If I had the chance, I wouldn’t do it again,” Wang talking about wishing he never bought the team in the first place.

    The guy is the #1 reason why the Islander have been rebuilding for 15 years. He hires incompetent yes-men and figures if he has a committee on everything it will somehow improve the team.

    The only worse owner(s) in the NHL is the MLSE

    • bcisleman - Feb 16, 2013 at 4:55 PM

      First, do a little research and learn arithmetic. Wang took over in 2000 and it is now 2013. 2013 – 2000 = 13, not 15.

      Wang’s big mistake was in not firing Milbury. Most of the damage done to the franchise was by Milbury. It has taken Garth Snow since 2008 when the rebuild began until now because Milbury did such a thorough job of destroying the franchise. The Isles now have arguably the best prospect pipeline in the NHL. By the time they get to Brooklyn in 2015, they should be a solid contender.

      • misterchainbluelightning - Feb 16, 2013 at 9:30 PM

        Do research to join out the obvious on a comment section? Because 13 is so much different than 15 it changes the context of my statement? You’re an idiot

        I skimmed the rest and it goes something something, Garth Snow, to which I reply the Islanders still haven’t done jack under Snow.
        Then some FOOL statement about the Islander “arguably having the prospect lol pipeline” in the NHL. Not even Top 5 according to most, and after reading your desperately grasp at the difference between 13 and 15 years I find that to be somewhere between assuming and pathetic.

        And finally WTF does any of this have to do with the fact the Wang is one the league’s worst owners?

        Go wipe your nose and stop bothering me with your hypocritical blathers douche.

      • misterchainbluelightning - Feb 16, 2013 at 9:47 PM

        Oh yes, and why don’t you do me up some of that research and arithmetic and riddle me how many playoff games and series Snow has won. Then yammer to me about why Wang isn’t one of the leagues worst owners, so we can all have a good laugh.

        Did another owner hold onto a guy like Milbury for a long time and give DePietro that fool contract just coming out of a lockout with a salary cap?
        Worst contract in sports then and still holding it’s own.

        Are you some poor Islanders fan who thinks attacking Chuck Wang is somehow attacking your Islanders? LOL
        Only a complete idiot, and I mean that sincerely, only a complete and utter idiot, defends Wang. He’s garbage, he hates that he bought the team and you people defend him?
        Now go rustle up me those stats.

        You come back here and tell EVERYONE…

      • bcisleman - Feb 16, 2013 at 11:41 PM

        Try looking at Hockey’s Future, for example, which has them at #3. Any publication that looks seriously at prospect pools has the Islanders at or near the top. You keep claiming that so many publications have rated Wang the worst. Where are the links? As I said above, Wang would never have been so clueless as to try to trade JT as a previous Bolt owner was going to do with Stammer. You obviously are a complete jackass.

  10. 1010gary - Feb 16, 2013 at 2:41 PM

    Dolan should buy them and make them the Rangers new minor league team

    • newyorkislanderfancentral - Feb 17, 2013 at 6:21 PM

      Dolan already bought the Knicks and made the Rags his minor league team. Charles Dolan wanted to buy the Isles before he settled for the Knicks in 1991.

  11. lovac2 - Feb 16, 2013 at 3:00 PM

    The rumor is that Greg Jamison and his investment group have already secured funds to purchase Islanders.

  12. buffalo65 - Feb 16, 2013 at 3:04 PM

    If he sells we will never hear the term GM and Garth Snow in the same sentence again.

    • tuberippin - Feb 16, 2013 at 7:19 PM

      Considering he had zero experience coming into the job, Garth Snow has done a pretty solid job. A few missteps here and there, but on the whole he was still an upgrade from the prior 2-3 GMs.

  13. biasedhomer - Feb 16, 2013 at 3:28 PM

    Rejoice Islander fans!

  14. 950003cups - Feb 16, 2013 at 4:02 PM

    Brooklyn is gonna prove to be a wise decision. Maybe with some pocket change, Prokhorov will buy the team.

  15. pwilson264 - Feb 16, 2013 at 4:47 PM

    sushi is expensive these day’s. but anyway i think a move for the Islanders to brooklyn would prove to be better for the franchise, i never been to their arena, but I’ve heard it’s pretty much a dump. hope it all work’s out for them.

  16. dawglb - Feb 16, 2013 at 5:16 PM

    The Browns sold for 1.1 Billion. It takes more pieces of the puzzle to turn around an NFL franchise than a hockey organIzation. Therefore, 300 million for a NY based team who only needs (maybe 3 more players) to compete….. It’s a deal for someone who knows what they are doing.

  17. bcisleman - Feb 16, 2013 at 5:25 PM

    @BDGallof is about as good a source as there is to the inner workings of the Isles’ organization. According to him, those closest to Wang disbelieve the story as it has been a commonplace within the organization that Wang wants to pass the team on to his son.

  18. chanceoffleury1 - Feb 16, 2013 at 5:30 PM

    The Isles are not that bad of a team. If you can’t see that then you are about to be in for a rude awakening in the next 2-3 years. They are essentially a decent goaltender away from being a playoff bubble team. They have one of the absolute best PK’s in the league and hang with the best of them in their offensive production. At the start of the season they were beating some quality teams. Tampa, Pittsburgh, Toronto, New Jersey, the Rangers. I’d love to see Thomas stay there for a season just to see what the Isles could do with a quality goaltender.

    • handsofsweed - Feb 16, 2013 at 10:00 PM

      Bingo. The psychological makeup of the Isles seems to be getting much better. They are getting close. It’s not nearly as easy anymore; they are much tougher to play now and are becoming a pain in the ass to deal with.

    • kaptaanamerica - Feb 17, 2013 at 3:51 AM

      As Spoon as you mentioned Toronto as a quality team you lost all credibility.

  19. ducksk - Feb 16, 2013 at 8:06 PM

    “If loving you is right, I don’t want to be Wang”

  20. kb57 - Feb 17, 2013 at 12:32 PM

    As an Isles fan I’d be sad to see him go, and anyone saying he’s the reason for team’s poor performance has no idea what they’re talking about.

  21. bleed4philly - Feb 17, 2013 at 2:31 PM

    Where’s Mark Cuban?

  22. wenzel0232 - Feb 18, 2013 at 1:29 AM

    Long Duck Dong will be buying the team for Sixteen Dollars.

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