Rumor: Charles Wang looking to sell the Islanders
According to a story seen in the New York Post, New York Islanders owner Charles Wang is looking to sell the team. Sources have apparently told the NY Post that Wang has been in talks with an investment bank in Manhattan (The Raine Group) in regards to selling the team.
The Islanders have denied the rumor, but this is certainly a topic worth discussing.
Like with any rumor that we talk about here on PDL, consider the source and consider the fact it is just a rumor. We can all have fun discussing and analyzing, but don't consider this report/rumor factual until other more trustworthy sources confirm it.
The report from the NY Post claims that Wang has quietly let on over the past few years that he is open to selling the team, though there hasn't been any dialogues between Wang and prospective buyers.
Realistically, this might be the first time Wang would be able to sell the Islanders if he truly desires. The team has been losing money and failing to draw large crowds for years. Now that Wang has the team ready to play in a new arena - the Barclays Center in Brooklyn - it's safe to assume that attendance and revenue will improve, thus making the team look more attractive to a potential investor / buyer.
It's been rumored Wang wants a price around $300 million (pause for laughter).
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Purely speculation based on rumor, but it's an interesting idea to consider a sale based on the potential for increased crowds and revenue with the upcoming move of the team to Brooklyn. I can't say I think that makes the Islanders a $300M value on the open market, but then again, this is New York we're talking about. If the move really does do the team that much good, and they can manage to scrape themselves out of the Eastern Conference basement, maybe such a deal looks like a reasonable and foresightful (is that even a word?) investment.
