Court Documents: Greed Played Role In Failure Of Two Sides To Come To Agreement

NEW YORK (CBSNewYork) — It appears a case of “seller’s remorse” by Islanders owner Charles Wang has really annoyed Andrew Barroway.

Barroway, a Philadelphia-area lawyer and hedge fund manager, sued Wang for $10 million on Monday, claiming in court documents he and his group, NY ICE, had a hand-shake agreement to purchase the team for $420 million before Wang pulled out of the deal, the New York Daily News reported.

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, court documents revealed.

“Wang was having seller’s remorse,” the court papers say, according to the newspaper, “because he believed he had agreed to sell the Islanders for a price too low after hearing the unrelated news that a $2 billion bid was in place to purchase” the Los Angeles Clippers.

Wang allegedly informed Barroway that he wanted $548 million for the Islanders, the New York Daily News reported, but when Barroway said he had no interest of paying that much, Wang notified him on Aug. 1 that he had sold the team to other bidders.

According to court papers, NY ICE claims it has suffered “irreparable harm” and is “entitled to the $10 million ‘break up’ fee to which the parties agreed” if a deal is not hammered out between the sides, the Daily News reported.

The Islanders did not immediately comment on the report.

Last week it was reported that Barroway was out of the running to purchase the Islanders, and that negotiations “had ceased” and “are not expected to resume,” Newsday reported.

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