“What a long, strange trip it’s been.” Of course, those Grateful Dead lyrics aren’t in reference to the Islanders’ ownership situation, but they might as well be. It’s been twist and turn after twist and turn for this franchise.
It appears a case of “seller’s remorse” by Islanders owner Charles Wang has really annoyed Andrew Barroway.
Negotiations with the Philadelphia lawyer and hedge fund manager “have ceased” and “are not expected to resume,” according to Newsday.
Charles Wang either can’t make up his mind or is just content to take his sweet time. Regardless, Andrew Barroway is fully prepared to purchase a controlling interest in the New York Islanders.
Will Charles Wang own the Islanders by the time next season starts? No one can say for sure.
Earlier this spring, the owner of the Islanders said he wasn’t actively shopping the team, but would listen to offers. Andrew Barroway appears to be on the verge of making the kind of offer Charles Wang may not refuse.
The Islanders may have a new owner soon, at least that’s the read NHL Commissioner Gary Bettman has on the situation.
Skepticism generally dominates the landscape when it comes to the Islanders. But, if the latest report is true, it has to be viewed as a positive by fans and a potential new owner.
The founder of one of the world’s largest private equity firms, Josh Harris and his group paid $320 million to Jeff Vanderbeek for the rights to the Devils and the lease to the Prudential Center.
A person familiar with the negotiations says several groups are vying to buy the financially-strapped franchise and there is a chance a deal might be done quickly.
According to Forbes, the organization has $230 million of debt. Owner Jeff Vanderbeek, Forbes reported, recently missed a payment on a bank loan that he took out.