Report: Barroway Ready, Willing And Able To Buy Large Stake In Islanders
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NEW YORK (CBSNewYork) — Charles Wang either can’t make up his mind or is just content to take his sweet time.
Regardless, it appears Andrew Barroway is fully prepared to purchase a controlling interest in the New York Islanders.
According to the Sports Business Journal, Barroway, a Philadelphia-based attorney-turned-hedge fund manager, is trying to become majority owner and buy 80 percent of the team, which would give him decision-making authority.
Wang, who has owned the team since 2000, has reportedly set the price for the Islanders at $400 million, saying all along he’d listen to what any interested parties have to say but never once declaring his intention to sell.
Barroway has the partners and financial backing to satisfy Wang’s demands, Sports Business Journal reported, adding Wang’s advisers told Barroway’s group more than a month ago that Wang would like to complete a deal this summer.
In addition, Barroway has executive personnel ready to join the team should a sale be finalized and approved by the NHL, Sports Business Journal reported.
NHL Commissioner Gary Bettman has repeatedly stated that Wang’s heart may not be into selling. He told WFAN’s Mike Francesa last month that despite all the problems the Islanders have had during his tenure, Wang still enjoys owning the team.
“He’s very attached to the Islanders. I don’t think there’s any doubt about that,” Bettman said in late April. “He’s looking forward to the move to Barclays.”
The Islanders will move to Brooklyn following the 2014-15 season, their final season at Nassau Coliseum.
The NHL has urged Barroway to remain patient because if pushed Wang could decide to keep the team, Sports Business Journal reported.
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