Report: Wang negotiated Islanders sale with a 3rd group in secret

Charles Wang is already facing a lawsuit from hedge fund manager Andrew Barroway for allegedly negotiating the sale of the New York Islanders in bad faith, but Barroway may not be the only jilted party.

A report in Fortune magazine claims Wang was already in discussions to sell the team to Boston-based investment firm Peak Ridge Capital prior to reaching a verbal agreement with Barroway in March.

Barroway was under the impression he had a deal with Wang, but Wang apparently told Peak Ridge the same thing. Peak Ridge was aware of Barroway's involvement in negotiations, which were leaked to the media, but its interest in the team remained private.

While Wang's agreement with Barroway was for $420 million, Peak Ridge was reportedly willing to pay $508 million for the franchise. Wang eventually announced he was selling the Islanders to a group led by Jon Ledecky and Scott Malkin for $548 million, leading to Barroway's lawsuit.

Peak Ridge CEO Mike McNally confirmed that negotiations with Wang did occur, according to the Fortune report, while a spokesperson for Wang would only go as far as saying "your information is inaccurate." Unlike Barroway, Peak Ridge is not pursuing legal action.