Skip to content

Report: Wang in talks to sell Isles majority stake

Mar 28, 2014, 2:07 AM EDT

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. 1st-rounders Vrana (Caps), Pastrnak (B’s) highlight Czech WJC team

    Jul 30, 2014, 9:30 PM EDT

    2014 NHL Draft - Round 1 Getty Images

    They’ll face off against Canada and Russia at a tournament in Toronto next week.

  2. Report: New Jersey re-signs Timmins

    Jul 30, 2014, 8:30 PM EDT

    St. Louis Blues v Florida Panthers St. Louis Blues v Florida Panthers

    Acquired last season in exchange for Krys Barch.

  3. Agent: Subban hasn’t told me to make him NHL’s highest-paid D

    Jul 30, 2014, 6:28 PM EDT

    PK Subban Getty Images

    “We haven’t approached it in that respect.”

  4. NHL hit with another concussion lawsuit

    Jul 30, 2014, 5:30 PM EDT

    bettmangetty Getty Images

    This time, it features just one plaintiff — former Bruin Jon Rohloff.

  5. Devils sign Greene to five-year, $25M extension

    Jul 30, 2014, 4:34 PM EDT

    New York Islanders v New Jersey Devils Getty Images

    Alternate captain notched a career-high in goals last year.

  6. Contract talks stalled between Kuemper, Wild

    Jul 30, 2014, 3:30 PM EDT

    Darcy Kuemper AP

    “Usually this isn’t the time to fight for the big contract.”

  7. New Red Wings assistant ‘couldn’t be happier’ to get opportunity to work under Babcock

    Jul 30, 2014, 2:35 PM EDT

    Tri City Americans v Kelowna Rockets Getty Images

    Jim Hiller is hoping to follow in the footsteps of Todd McLellan, Paul MacLean, and Bill Peters.

  8. Not ready to hang ‘em up? Selanne considering return to Jokerit

    Jul 30, 2014, 1:28 PM EDT

    Teemu Selanne of Finland (8) takes a victory lap around the ice with his medal after he men's bronze medal ice hockey game at the 2014 Winter Olympics, Saturday, Feb. 22, 2014, in Sochi, Russia. Finland defeated the United States 5-0. (AP Photo/Matt Slocum) AP

    Finnish club is moving to the KHL next season.

  9. Habs add Lacroix and Ramage to coaching staff

    Jul 30, 2014, 11:12 AM EDT

    Tampa Bay Lightning v Boston Bruins - Game One Getty Images

    That’s Lacroix, when he was an assistant for Tampa Bay.

  10. Red Wings hire two more coaches for Babcock’s staff

    Jul 30, 2014, 10:44 AM EDT

    Mike Babcock Getty Images

    Jim Hiller and Andrew Brewer join Tony Granato, who’s also new.

  11. Subban seeking $8.5 million in arbitration, versus the Habs at $5.25 million

    Jul 30, 2014, 10:10 AM EDT

    P.K. Subban AP

    Will this all get settled before Friday’s hearing?

  12. PHT Morning Skate: Dustin Brown vs. the FedEx delivery guy

    Jul 30, 2014, 8:00 AM EDT

    Dustin Brown Getty Images

    Kings captain meets Rangers fan. Hi-jinx ensue.

  13. Report: Sabres owner Pegula makes bid for NFL’s Bills

    Jul 29, 2014, 9:02 PM EDT

    Terry Pegula AP

    Now battling Bon Jovi and Donald Trump!

Top 10 NHL Player Searches