Report: Suitor emerges in talks to buy Islanders franchise
Islanders owner Charles Wang is 'in talks' to sell the majority of the Islanders and already a suitor has emerged for the $225 million asking price: former Devils suitor Andrew Barroway.
The potential sale of the New York Islanders' majority share popped up over the weekend as a possibility with owner Charles Wang admitting he was in talks to sell the club and already they are heating up.
According to Josh Kosman and Larry Brooks of the New York Post, there is a potential suitor lined up and the upcoming move to Brooklyn only helps the efforts.
Owner Charles Wang is in talks to sell the money-losing NHL franchise to Philadelphia lawyer Andrew Barroway for $225 million, plus another $75 million if the Islanders hit certain revenue targets, The Post has learned.
While Wang has been open to a sale for several years, there has been limited interest in a team that lost more than $10 million in a single season and has among the lowest attendance in the league.
But this time could be different because of a revenue guarantee from Barclays Center, where the Islanders are set to start playing in 2015. In October 2012, the Islanders inked a long-term deal to move the team from Nassau County to Brooklyn.
Barroway might be a familiar name to hockey fans and perhaps it should be. He already has some connection to pro hockey as he was interested in buying the Devils but didn't close the deal when he looked deeper at the team's finances. Apparently he likes the look of the Islanders a bit more from the outside.
The Brooklyn angle helps to make the franchise more attractive and perhaps why it seems things are moving so swiftly. The presumption is that a move to a new arena -- even if ill-fit for hockey -- closer to the city will increase attendance and revenue. Not to mention the Islanders have a pretty nice deal lined up that sees Barclays Center get no revenue until the Islanders crack $50 million and don't pay rent unless they're in the postseason, according to the Post. While it will take the Islanders further away from their core fan base, all in all it should be a good move for the organization.
As to moving to Brooklyn, the idea of a third jersey in black and white still isn't going away. It will be important to brand to the Brooklyn population and that seems to be one way to appeal given the Nets' color scheme.
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