Mar 31, 2014, 11:47 AM EDT
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.
- Hawks’ biggest question: What happens with Patrick Kane? 52
- Hall of Famer Al Arbour passes away 21
- Poll: Who will be San Jose’s next captain? 24
- Mike Richards charged with possession of controlled substance 95
- Gio won’t go: Flames extend Giordano for six years, $40.5M 13
- Pens’ plan for now: Crosby starts as Kessel’s center 25
- O, Dear: Russia fined $85K for skipping Canadian anthem 31
- Kings ink Ehrhoff to a one-year, $1.5 million deal 27
- Quebec City, Vegas advance to final phase of NHL expansion process 50
- Here’s the full NHL 2015 preseason schedule, starting Sept. 20 5