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. Oilers prospect Draisaitl helps lead Kelowna over Rimouski in Memorial Cup

    May 25, 2015, 10:57 PM EDT

    Leon Draisaitl Getty Images

    Maple Leafs prospect Frederik Gauthier had a big game too.

  2. Video: Getzlaf ties Ducks’ playoff points record

    May 25, 2015, 10:11 PM EDT

    Vatanen goal

    The first period was all Anaheim.

  3. Video: Ducks score twice in 32 seconds early in first period

    May 25, 2015, 9:42 PM EDT

    Kesler goal

    The Ducks got off to an ideal start.

  4. Report: Andrei Kostitsyn interested in returning to NHL

    May 25, 2015, 7:25 PM EDT

    Belarus v Slovenia - 2015 IIHF Ice Hockey World Championship Getty Images

    He was linked to Nashville’s playoff curfew incident.

  5. Mrazek knows ‘only one goalie can play’ as battle with Howard awaits

    May 25, 2015, 5:43 PM EDT

    Florida Panthers v Detroit Red Wings Getty Images

    There’s going to be a fight for the No. 1 gig in Detroit.

  6. Graham James reportedly facing new charge of sexual assault

    May 25, 2015, 4:41 PM EDT

    Graham James AP

    Reports out of Swift Current, Saskatchewan.

  7. In the playoffs, sometimes it comes down to the ‘bounces’

    May 25, 2015, 3:31 PM EDT

    Antoine Vermette, Frederik Andersen AP

    “One bounce here or there, it’s a different story.”

  8. Leafs sign Carrick to one-year extension

    May 25, 2015, 2:10 PM EDT

    J.T. Brown; Sam Carrick J.T. Brown; Sam Carrick

    Made his NHL debut last season, appearing in 16 games.

  9. Now feels like a good time to debate Stamkos’ next contract

    May 25, 2015, 2:05 PM EDT

    Tampa Bay Lightning v New York Rangers - Game Five Getty Images

    He’s eligible to sign an extension this summer.

  10. Swiss league ‘perfect training ground’ for Matthews, says coach Crawford

    May 25, 2015, 12:54 PM EDT

    Marc Crawford Getty Images

    “Everyone involved with the ZSC Lions is so excited about seeing him play in Zurich.”

  11. Canucks have a puzzle to solve on the blue line

    May 25, 2015, 12:44 PM EDT

    Edmonton Oilers v Vancouver Canucks Getty Images

    This won’t quell the Kevin Bieksa trade speculation.

  12. Bolts ‘looking for a guy who plays my way,’ says prospect Erne

    May 25, 2015, 12:31 PM EDT

    Adam Erne Getty Images

    “A bigger guy, playing a power forward role.”

Featured video

Babcock has his work cut out in Toronto
Top 10 NHL Player Searches
  1. F. Andersen (1612)
  2. S. Crosby (1547)
  3. N. Horton (1492)
  4. M. Carle (1477)
  5. R. Nash (1458)