Report: Barroway makes 'huge offer' for Islanders, no other bids yet submitted

Jul 21, 11:34 PM

The ongoing saga of the potential sale of the New York Islanders has been updated by (who else?) Chris Botta of the Sports Business Journal.

Philadelphia lawyer Andrew Barroway was first named as a prospective buyer back in March, when it was reported that Wang was in talks to sell the team for $225 million, plus an additional $75 million if the Islanders hit certain revenue targets.

As Botta reiterates, nothing is imminent, and Barroway continues to wait for a response from Wang. and Co.

Sep 19, 11:34 PM

Wang submits letters to court that indicate no deal was reached with Barroway in sale of Islanders

Sep 19, 11:34 PM

New York Islanders owner Charles Wang took significant steps towards proving he did not reach a deal to sell the team to Andrew Barroway prior to announcing a partnership with John Ledecky and Scott Malkin.

According to Newsday, "Andrew Barroway sent letters to Charles Wang in May and July that indicate that Barroway did not believe he had an agreement to buy the Islanders in March, Wang's attorney says in court documents filed Thursday."

The contents of the letters include the following:

In the first letter, dated May 23, Barroway says "it's been a few weeks since we last spoke" and thanks Wang for "the opportunity to be the next steward of the New York Islanders.

"Owning and operating the Islanders would be a dream come true," Barroway writes, "and you have my word and promise I will lead the team in a manner that reflects your strong values, protects your legacy and builds on the strong foundation you have set."

Barroway apologizes and "accepts responsibility" for what he called "a difficult process," and does not elaborate on the reasons why. Later, he writes, "I know you do not have to sell the team right now, but want to make this the right time and circumstance for you to do so."

Wang's lawyers point to that specific statement as proof that Barroway knew that a deal had not been reached between the two parties.

The letters were submitted as evidence toward Wang's motion to move Barroway's lawsuit against him from Manhattan to a Nassau County court.

Aug 15, 9:13 PM

Gary Bettman's half-brother part of Barroway's team vying to purchase Islanders

Aug 15, 9:13 PM

The New York Islanders still belong to Charles Wang, though it would be a different story if you asked Philadelphia-based lawyer Andrew Barroway.

On Barroway's team was commissioner Gary Bettman's half-brother, Jeffrey Pollack, who was hired as an adviser "several months ago," according to The New York Post.

Wang is being sued for backing out of a handshake agreement to sell the Islanders to Barroway for $420 million, and raising his asking price to $548 million.

The price jump made it difficult for Barroway to meet Wang's demands, after reports indicated that the team was sold on Aug. 1. 

Sources told The New York Post that Barroway was having trouble collecting the necessary funds, a report he later denied.

Pollack isn't a stranger to the world of sport, as he helped Robert Pera buy the NBA's Memphis Grizzlies in 2012. Pollack was also a former chief executive of the World Series of Poker.

Feature photo courtesy of REUTERS/Lucas Jackson

Aug 13, 11:58 AM

NHL will not intervene in Islanders ownership dispute

Aug 13, 11:58 AM

The National Hockey League has no plans to get involved in the ongoing dispute between New York Islanders owner Charles Wang and Philadelphia-based lawyer Andrew Barroway.

Deputy commissioner Bill Daly told Newsday that the lawsuit is "a private dispute that should have no impact on the team or its ongoing operations."

Barroway has reportedly filed a lawsuit against Wang for $10 million, alleging that Wang backed out of a $420-million deal to sell the team to him.

According to the publication, the lawsuit claims Wang "was having seller's remorse because he believed he had agreed to sell the Islanders for a price too low."

An Islanders spokesperson recently said "there is no merit" to those reports.

[H/T SI.com]

Feature photo courtesy of Reuters/Rob Grabowski

Aug 11, 6:31 PM

Islanders: 'There is no merit' to reports of lawsuit against owner Charles Wang

Aug 11, 6:31 PM

The New York Islanders have refuted the report of a lawsuit filed against owner Charles Wang claiming he backed out of selling the team to Philadelphia-based lawyer Andrew Barroway and his corporation NY ICE.

The New York Daily News reported that court documents showed NY ICE was suing Wang for reneging on a $420 million deal to sell the Islanders to Barroway.

Wang and Barroway have been in a legal battle before. In 1998, Barroway was the lead plaintiff in a class-action lawsuit against Wang's company, Computer Associates.

Feature photo courtesy of REUTERS/Andrew Kelly

Aug 11, 5:07 PM

Report: Islanders owner Charles Wang being sued for $10M after backing out of sale

Aug 11, 5:07 PM

The New York Daily News is reporting New York Islanders owner Charles Wang is being sued by Philadelphia-based lawyer Andrew Barroway for backing out of a proposed $225-million non-binding deal to sell the team.

According to the report by Barbara Ross, Wang had a handshake agreement in place with Barroway for $420 million. Barroway is suing Wang for $10 million.

From Ross:

In papers filed in Manhattan Supreme Court, Barroway’s corporation, NY ICE claims the parties “shook their hands on an agreement” and NY Ice started to line up NHL approval and financing.

However, Wang “without notice," abruptly refused to proceed to close the transaction and honor the terms of their 70-page purchase agreement but instead “improperly sought to renegotiate the already agreed upon price” in March.

In midsummer, according to court papers, Wang demanded $548 million for the team. When Barroway refused, Wang notified him on Aug. 1 that he had sold the team to other bidders.

According to court reports obtained by the New York Daily News, Wang believed he sold the franchise too cheap after hearing the Los Angeles Clippers were worth $2 billion.

The court document states, "The failure to follow through with the sale has caused NY ICE irreparable harm. NY ICE is entitled to the $10 million ‘break up’ fee to which the parties agreed."

Barroway claims Wang decided to pull out of the deal, choosing greed rather than to honor his agreement with NY ICE.

The team was reportedly sold on Aug. 1.

Aug 5, 2:46 PM

Report: Barroway no longer negotiating with Wang to buy Islanders

Aug 5, 2:46 PM

It appears as though the New York Islanders will no longer be bought by Philadelphia-based lawyer Andrew Barroway, according to Steven Marcus.

There was a reported $225-million non-binding deal in place that would reach $300 million if the team reached certain revenue targets.

Jul 14, 7:45 PM

Report: Wang deciding if he wants to sell Islanders; hearing from 'multiple interested buyers'

Jul 14, 7:45 PM

Almost two months after it appeared as though New York Islanders owner Charles Wang was on the verge of selling the team to Philadelphia lawyer Andrew Barroway, Chris Botta of the Sports Business Journal reports the brakes may have been tapped on the process.

According to an NHL source, Wang remains in the process of deciding if he wants to sell; if so, there are "multiple" interested parties beyond Barroway.

The Islanders made noise this offseason by signing Mikhail Grabovski and Nikolai Kulemin to four-year contracts, a significant investment signalling a clear desire to return to the playoffs sooner than later. 

With loads of young talent also in the pipeline, perhaps Wang is hesitant to sell when the team appears to be on the rise and prior to the impending move to Brooklyn.

Feature photo courtesy of REUTERS/Andrew Kelly

May 16, 2:03 PM

Report: Wang, Barroway reach 'non-binding' accord on $400M sale price of Islanders

May 16, 2:03 PM

New York Islanders owner Charles Wang, who has been listening to offers from prospective buyers interested in the New York Islanders franchise for several months, has reached an "unwritten, non-binding understanding" with prospective buyer Andrew Barroway on the sale price of the Islanders per Chris Botta of the Sports Business Journal.

The purpose of this informal handshake agreement, according to Botta, is to allow Barroway to seek partners in an effort to raise the requisite $400 million that the two sides have agreed will be the franchise's sale price. Botta reports that Barroway has lined up the necessary partners, although their identities have not been revealed.

That $400-million price tag is $175 million more than what the New York Post reported the two sides were discussing in late March, $100 million more than what Wang was reportedly asking for in October 2012, and more than double Forbes' most recent valuation of the franchise. Botta also passes along some information from an NHL source who suggests that the handshake agreement does not give Barroway exclusivity on this matter, and that Wang can continue to listen to other offers.

Apr 24, 7:25 PM

Bettman on Islanders owner Charles Wang: 'He hasn't made a firm decision to sell'

Apr 24, 7:25 PM

New York Islanders owner Charles Wang is reportedly interested in selling the team and is definitely listening to offers from potential buyers, but the Islanders being on the market doesn't mean a sale is imminent, or even inevitable, according to NHL commissioner Gary Bettman.

"There's lots of interest being expressed," Bettman told Newsday's Arthur Staple on Thursday. "[Wang's]  listening. But he hasn't made a firm decision to sell."

Bettman also touted the club's scheduled move to the Barclays Center in Brooklyn for the start of the 2015-16 season as a major win for the club. 

"The economics will change for [the Islanders]," Bettman said. "[Wang's] got one of the most onerous leases in the worst building in the league [Nassau Coliseum]. And that has a dramatic negative economic impact. So, by moving to Barclays, the team will be in a far different economic position."

Perhaps Wang really hasn't made a decision on whether or not to sell the Islanders yet, but it's hard not to read anything into Bettman's apparent hard-sell.

Apr 18, 12:39 PM

Report: Charles Wang has received interest from multiple potential buyers in sale of Islanders

Apr 18, 12:39 PM

New York Islanders owner Charles Wang has received interest from at least two potential buyers on top of Philadelphia lawyer Andrew Barroway, according to Chris Botta of Sports Business Daily.

According to a source, the team's impending move to Brooklyn appears to be fueling the interest:  "The Islanders are a year away from moving to Brooklyn, and the lease there is good,” a financial industry source told Botta. “Once Mr. Wang said publicly that he was listening to offers, it was inevitable that interest would pick up. The Islanders are now an attractive commodity.”

At the same time, Barroway is believed to be in the process of lining up partners to help finance a deal with Wang, and is said to be in good standing with the NHL after attempting to purchase the New Jersey Devils last summer.

Feature photo courtesy of REUTERS/Andrew Kelly

Mar 31, 9:49 AM

Report: Charles Wang in talks to sell Islanders to Philadelphia lawyer Andrew Barroway

Mar 31, 9:49 AM

New York Islanders owner Charles Wang is in talks to sell the team to Philadelphia lawyer Andrew Barroway for $225 million, plus another $75 million if the Islanders hit certain revenue targets, according to the New York Post.

It's also believed that Wang would retain a stake in the team.

While Wang is believed to have been looking to sell for upwards of ten years, the team's impending move to Brooklyn is serving as an incentive for prospective buyers. Barclays Center owners have guaranteed the Islanders approximately $50 million in annual revenue for regular season games. 

The move is predicted to boost attendance, but team owners still run the risk that Islanders home games won’t sell out. However, while the team won't pay rent during the regular season, it will if it makes the playoffs.

Barroway is believed to have had interest in purchasing the New Jersey Devils during the summer of 2013

Mar 28, 3:45 PM

Wang says he is willing to listen to Islanders offers, but no deal is imminent

Mar 28, 3:45 PM

New York Islanders owner Charles Wang released a statement regarding the rumors involving his possible sale of the team. As expected, Wang doesn't reveal much, but maintains that, although he's willing to listen to offers, it doesn't mean that any deals are imminent.

Via the Islanders' official website:

In recent months, there have been numerous expressions of interest in the purchase of the New York Islanders. As I have consistently stated, I have been and remain willing to listen. However, potential buyers expressions of interest in the team or even my listening to them does not mean that any deal will be reached.

Mar 28, 12:28 AM

Report: Charles Wang in talks to sell majority stake in New York Islanders

Mar 28, 12:28 AM

New York Islanders owner Charles Wang is engaged in preliminary talks to sell the franchise, according to TSN's Bob McKenzie:

That's a very qualified statement from McKenzie, which should be noted.

Wang has been the Islanders' majority stakeholder since 2004, when he bought out CA Technologies colleague Sanjay Kumar. The team has only advanced to the postseason twice - and hasn't won a playoff round - in the nine seasons Wang has owned the team.

Wang and the Islanders reportedly face a $75 million loan repayment at the end of this season, and lose an estimated $10 million per season.

The oft-criticized Islanders owner was reportedly in talks to sell the franchise in October 2012 for a price of $300 million, an asking price over $100 million higher than the club's latest Forbes valuation (a valuation that should be taken with a grain of salt). 

The Islanders are slated to move to the Barclays Center in Brooklyn for the start of the 2015-16 season.