NEW YORK (CBSNewYork) — Andrew Barroway is out of the running to purchase the New York Islanders, according to Newsday.
Negotiations with the Philadelphia lawyer and hedge fund manager “have ceased” and “are not expected to resume,” the paper reported.
Barroway reportedly sought a controlling stake in the team. But NHL Commissioner Gary Bettman said in June that owner Charles Wang was undecided on the course of action.
“He hasn’t come to the conclusion yet on whether he wants to sell — sell all, sell a piece,” Bettman said prior to Game 1 of the Stanley Cup finals.
The Islanders will move to Brooklyn in 2015, which could boost the team’s financial situation. Bettman told WFAN’s Mike Francesa in April that Wang was still “very attached” to the money-losing franchise.
“Charles hasn’t decided whether or not he’s definitely going to sell,” Bettman said. “He’s very attached to the Islanders. I don’t think there’s any doubt about that. He’s looking forward to the move to Barclays.”
The Islanders went 34-37-11 last season, missing the playoffs one year after ending a long postseason drought.
It’s unclear whether there are any other interested buyers, Newsday reported.
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