Skip to content

Report: Wang in talks to sell Isles majority stake

Mar 28, 2014, 2:07 AM EST

Big news on the future of the New York Islanders, per TSN’s Bob McKenzie:

Wang, 69, became part-owner of the Isles in 2000, then assumed majority control in 2004 after buying out partner Sanjay Kumar.  The team has struggled both on the ice and financially since Wang’s been aboard, making the playoffs just two times while reportedly losing an estimated $10 million per season.

The Islanders are slated to move to Brooklyn’s Barclays Center beginning in the 2015-16 campaign, which would end their occupancy on Long Island, a place Wang has a long history with. He spearheaded the now-defunct Lighthouse Project — a proposal to transform the Nassau Coliseum and surrounding area into a modern suburban locale — which was voted down in 2011, two years after Wang said he regretted buying the Isles in the first place.

“If I had the chance I wouldn’t do it again,” Wang told Newsday at the time. “Never in my life, would I have anticipated this thing [Lighthouse Project] could be dragged out for seven, eight years.”

The timing of these proposed sale talks are interesting, as Wang and the Islanders are reportedly due to make a $75 million loan repayment at the end of this season.

It’s also worth noting this isn’t the first time claims have surfaced suggesting Wang was looking to sell the team. In 2012, the New York Post reported the Isles were available to be purchased… for an estimated $300 million.

Latest Posts
  1. Firing Dallas Eakins ‘would be so unfair,’ says Taylor Hall

    Nov 23, 2014, 1:34 AM EST

    DallasEakins2 Getty Images

    Edmonton lost 7-1 on home ice. Six straight losses.

  2. Video: Toews scores beauty backhander and the Oilers are losing again

    Nov 22, 2014, 10:56 PM EST

    Jonathan Toews Getty Images

    Meanwhile, Edmonton at risk of losing six straight.

  3. Video: Downie fights Hamonic as Penguins-Islanders rivalry heats up

    Nov 22, 2014, 9:56 PM EST

    Pittsburgh Penguins v New York Islanders Getty Images

    New York takes both games of home-and-home set with Pittsburgh.

  4. Stars GM Nill sees plan coming together

    Nov 22, 2014, 7:38 PM EST

    Jim Nill AP

    Dallas has moved a trio of blue liners recently.

  5. Capitals easing up on referees under Barry Trotz

    Nov 22, 2014, 7:09 PM EST

    Washington Capitals v New York Rangers - Game Six Getty Images

    “Let the referees do their job, we’ll do our job.”

  6. Blues’ Bouwmeester suffers ‘lower-body ailment’ in win over Senators

    Nov 22, 2014, 6:31 PM EST

    St Louis Blues v Los Angeles Kings Getty Images

    The St. Louis defender had an assist on the eventual winner.

  7. Callahan expects ‘bite’ in Lightning’s game vs. Wild

    Nov 22, 2014, 4:55 PM EST

    Tampa Bay Lightning v Minnesota Wild Getty Images

    “They embarrassed us pretty good in their building.”

Featured video

Coaches in and out of the hot seat

Sign up for Fantasy hockey

Top 10 NHL Player Searches
  1. V. Hedman (2578)
  2. P. Sharp (2396)
  3. P. Datsyuk (2352)
  4. P. Dupuis (1947)
  5. S. Crosby (1873)
  1. B. Marchand (1739)
  2. J. Harding (1669)
  3. D. Krejci (1657)
  4. B. Dubinsky (1653)
  5. Z. Chara (1628)