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Report: Ex-Devils suitor Barroway in talks to buy Isles

Mar 31, 2014, 11:47 AM EDT

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A familiar name has popped up in the potential New York Islanders sale.

Philadelphia lawyer Andrew Barroway — who, in 2013, was linked to a proposed purchase of the New Jersey Devils — is reportedly in talks with Isles owner Charles Wang to purchase the club for a reported $225 million (with an additional $75 million if the club hits certain revenue targets.)

Here’s more, from the New York Post:

While Wang has been open to a sale for several years, there has been limited interest in a team that lost more than $10 million in a single season and has among the lowest attendance in the league.

But this time could be different because of a revenue guarantee from Barclays Center, where the Islanders are set to start playing in 2015. In October 2012, the Islanders inked a long-term deal to move the team from Nassau County to Brooklyn.

The arena’s owners guaranteed the Islanders about $50 million in annual revenue for regular season games. Barclays would keep anything it collects in sponsorship, suite and ticket sales over that amount.

It appears Barroway is in relative good standing with the NHL. A Forbes report from ’13 claimed he lent the Devils $30-million to help the team make its payroll, escrow and pension payments — but stepped away from the deal after a further review of the club’s finances.

The Devils were later sold to Josh Harris, the owner of the NBA’s Philadelphia 76ers.

Reports of Wang’s move to sell the Isles broke last week, and he was reportedly “furious” about the leak. Wang became part-owner of the Isles in 2000, then assumed majority control in 2004 after buying out partner Sanjay Kumar.

  1. stcrowe - Mar 31, 2014 at 12:48 PM

    Something tells me that a new owner with a sense of respect for the team as a hockey institution, and management with better hockey sense, could revive the team’s financial fortunes.

    Look at the attendance in Chicago before Bill Wirtz died, and how they are now. The difference is night and day.

    If this pans out, good riddance to Charles Wang. He made his fortune as a corporate raider in the computer industry. He would buy up and break up rival computer companies. That business model doesn’t work in professional sports in the modern era.

  2. blomfeld - Mar 31, 2014 at 1:01 PM

    SO WHY WAS THE GOOF ‘FURIOUS’ THEN ?

    Sounds to me more like a fragile ego ? Anyway, the sooner the league rids itself of this loser the better. His ‘net’ contribution to the NHL will be to have taken a once ‘proud’ organization with a rich & glorious legacy and drag it through the ‘muds of shame’ for more than a decade … brilliant. Oh yeah, he also invented the ‘20,000 light year’ contract … again, brilliant.

    Get lost Wang and Snow don’t let the door hit you idiots on the way out !

  3. barkar942 - Mar 31, 2014 at 5:05 PM

    “It appears Barroway is in relative good standing with the NHL. A Forbes report from ’13 claimed he lent the Devils $30-million to help the team make its payroll, escrow and pension payments — but stepped away from the deal after a further review of the club’s finances.

    The Devils were later sold to Josh Harris, the owner of the NBA’s Philadelphia 76ers” after Kovalchuk was asked to “retire” and go home to Russia for a couple of years, and then you can come back and sign with a real contender, which then made the Devils sell able.

  4. bcisleman - Apr 1, 2014 at 1:13 PM

    Unlikely anything happens before the move to Brooklyn at the end of the 2014- season. If the sale takes placeI hope the new owner doesn’t bring imanagement that starts selling off assets so capably gathered by Garth Snow ala Mike Milbury. That would be sad.

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