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Report: Wang values Isles at $370 million, offering to sell 75 percent

Apr 25, 2014, 2:42 PM EDT

Charles Wang Getty Images

Charles Wang is offering to sell 75 percent of the New York Islanders, according to a report in SportsBusiness Journal.

Wang has apparently placed a $370 million value on the team, so any buyer will need to come up with $277.5 million to grab three quarters. There’s also a “five-year option on the other 25 percent,” per the SBJ report.

Click on the link for more details — e.g. the Isles supposedly took in $22 million in ticket revenue this season, which based on total attendance (604,362) works out to around $36 per ticket.

Wang bought the Islanders in 2000 for just under $200 million, but he’s lost many millions more operating the club.

In its most recent valuations, Forbes pegged the Brooklyn-bound Isles’ worth at $195 million.

Related: Additional suitors for Isles emerge, per report

  1. bilbono - Apr 25, 2014 at 2:55 PM

    Way overpriced. Coyotes sold for about $170M.

    • ibieiniid - Apr 25, 2014 at 3:15 PM

      the deal with Barclays is pretty valuable though. Desert? New York City? I know which I’d pay more for, regardless of how saturated the market is with product.

      • ibieiniid - Apr 25, 2014 at 3:16 PM

        well, not “regardless,” but you get my point.

      • bilbono - Apr 25, 2014 at 3:28 PM

        Good point, forgot they’re moving to Brooklyn. I figured it was somewhat comparable since both teams have been losing money (Coyotes for a lot longer).

      • ibieiniid - Apr 25, 2014 at 3:31 PM

        we’ll see how it pans out, but somebody’s going to have an EXTREMELY hard decision to make. I wouldn’t wanna be the guy making that decision, I’m sure of that.

      • 7mantel - Apr 25, 2014 at 3:42 PM

        I know I’m setting myself up for another old comment but WC Fields said “There’s a sucker born everyday “

      • ibieiniid - Apr 25, 2014 at 3:49 PM

        I don’t know man. I’ve always respected second teams in large markets. They get a tough beat.

        New stadium. New brand. New management. I don’t like making basketball references on here (especially since I don’t watch it), but all it would take from there is a couple years like what happened with the Lakers/Clippers this year, and the Isles could steal some market share (not that the Lakers will be hurting after this year). If I were loaded, would I buy them? Probably not. But I think the risk:reward ratio is a bit closer at this point.

        But ya, I could be a sucker. Probably why I’m not loaded. lol

  2. barkar942 - Apr 25, 2014 at 3:01 PM

    No. He wants a $5 Footlong from Subway!

  3. oquintero99 - Apr 25, 2014 at 3:38 PM

    I’ll give you $5 for Garth Snow

    • thesportsjudge - Apr 25, 2014 at 5:49 PM

      You are overpaying.

  4. lilgurgi - Apr 25, 2014 at 3:39 PM

    You also have to take into account the stadium situation. I’m not sure what the deal is with the Isles in Brooklyn, but will the new owner(s) get a piece of the parking/concession pie? That would factor heavily into what prospective buyers would be willing to pay. Wang is obviously putting out the higher price so that he has room to negotiate it down and still be at/above his breaking point.

  5. patthehockeyfan - Apr 25, 2014 at 3:46 PM

    $370 million price tag

    Forbes values the Islanders at $195 million

    I want to know two things:
    What is Wang smoking?
    And, can I have some?

    • pfhockey - Apr 25, 2014 at 4:03 PM

      Wang is planning to buy another team. lol
      Let’s hope not.

  6. joey4id - Apr 25, 2014 at 4:22 PM

    According to Forbes (whatever that means) the Islanders are valued at 195 million whereas the Yotes are valued at 200 million. Their values went up by 26 and 49% respectively year over year.

    • chunkala - Apr 25, 2014 at 4:33 PM

      Exactly. Does Forbes have a reasonable methodology that is actually done with financial concepts in mind or are they just throwing stuff against the wall?

      • sw19womble - Apr 25, 2014 at 5:17 PM

        I will hazard a guess it’s the latter. ;)

      • joey4id - Apr 25, 2014 at 5:52 PM

        idk… Judge for yourself…

        http://www.forbes.com/nhl-valuations/list/
        News and features from Forbes Magazine, a leading source for reliable business news and financial information.

  7. everyonesuksbutme - Apr 25, 2014 at 4:33 PM

    No Wang Chung tonite

  8. wicky888 - Apr 25, 2014 at 4:49 PM

    I can think of much better ways to spend $370 million dollars

    • sw19womble - Apr 25, 2014 at 5:18 PM

      2 Phoenix Coyotes teams?

      • phx7355 - Apr 26, 2014 at 5:06 AM

        Haha, good one.

  9. greatmiamisportsmind - Apr 25, 2014 at 6:26 PM

    The $370 million seems over priced however, the question is, when was it valued by Forbes? If it was before these 2 mega television deals, then $370 might not be far off.

  10. skr213 - Apr 26, 2014 at 2:31 AM

    Their ticket sales are going to go through the roof in Brooklyn. I wouldn’t be surprised if he gets close to that much from someone.

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