Charles Wang statement on the Islanders potentially being sold

Islanders owner Charles Wang released a statement (Arthur Staple) about the rumors that he may sell the Islanders:

“In recent months, there have been numerous expressions of interest in the purchase of the New York Islanders. As I have consistently stated, I have been and remain willing to listen. However, potential buyers expressions of interest in the team or even my listening to them does not mean that any deal will be reached.”

Wang is reportedly asking for $300 million. (SBJ)




190 comments
Joe Isopo
Joe Isopo

If Wang has a chance to finally make money next year on this organization why would he want to sell at his time?

marcus81
marcus81

hopefully the team is kept in NY, Islanders have been the Hartford Whalers of the NHL for the past 20 plus years, players that are drafted have better careers when they leave the Islanders, hopefully an owner who knows how build a winner will buy the team, I would even take Mark Cuban if he wanted to buy them.

REDSpointofview
REDSpointofview

A couple of observations...

1) Since Forbes has been mentioned it is of record that Wang's fortune has shrunk from about $1.4 billion in 2010 to about $800 million in 2012, a loss of over 40%.  That vault at his estate must look pretty empty right about now...

2) Karma just might be at work here, as Wang walks free and his underlings at CA sit in federal lock up while their former boss watches his money pile dissolve right before his eyes.

3) Newsday reports what it wants to report.  A good slogan for that rag might be a slight variation off the venerable fish wrap called the g\Gray Lady,,, "All the news that fits, we print".  As far as Newsday is concerned,,, the rest of the truth just doesn't fit so they don't print it...

4) I have a friend whose glue sniffing cousin's uncle plays golf with a cigar chomping hustler who also plays golf with one of Wang's accountants.  I still stand by what that friend told me years ago,,, Wang's sole stewardship of the Islanders is based on his ability to write off his losses and completely alleviate his tax burden... 

5) $300 million is too much for something Forbes values at $195 million and Wang knows that.  So what's his agenda???  Is this offer to sell just smoke and mirrors hiding some ulterior motive???




shamwow
shamwow

So I just want to understand the "math"...

Chuck bought the Team in 2000 for 130M, and it's estimated value is now 195M...

And yet, Chuck is reportedly asking 300M for a team the apologists and deniers claim is a "money pit" that has cost him "25M a year in losses" for over a decade...

Again, Chuck is seeking a 33% sale price premium for a huge money loser, huh?

Answer: in poker, it's called a "tell": that 300M price is still further proof Chuck hasn't lost one thin dime owning the Islanders...

When that reported 27M annual Cable TV contract money is counted against the relatively meager average annual operating loss (-8.2M) over the past decade, the Team actually shows an annual net profit of 18.8M...

And that, along with the Barclays sweetheart deal which guarantees Tens of Millions a year, is why the old fraudster is asking his price.

TonyM
TonyM

                     Wang the fraudster kept the franchise in NY at what cost? Every season (except for a lockout shortened one) we are at the bottom of the league standings! If your losing money every season, doesn't that tell you your doing something wrong? Maybe if you bit the bullet one season and put a truly competetive team on the ice you would reverse this trend. You have a clown for a GM, so he's loyal, buy a dog! Pay a real GM too run the team within the confines of your budget! Anyone would do a better job then Snow ! Get a "real" coach too bring this young team along not a Fred Flintstone lookalike! Then maybe you could sell this team for the reported 300mil you want! Until then your just a dog chasing it's tail!

John Richards
John Richards

Wang saved us from just what?? Was he REALLY gonna move this club to KC?? CMON!! wang wanted his castle built(lighthouse)like all kings and emperors want! I t didn't happen!! It was never gonna happen in Nassau county!! A 77 acre blunderbuss in TOH was never gonna fly!! And hiring incompetents to run the club whos on ice product was secondary to the real estate swindle he attempted!! Now just what do we have on the ice!! A perennial non playoff team(they don't make it last year in 82games schedule)with one star a solid winger and a couple of pretty decent contributors!! Terrible defense/pouous goaltentending/little size or strength!! This is wangs NY islanders circa 2014!!

mrcisback
mrcisback

                          Boy i thought just the rumor of Wang selling the team would make all Islanders fans a little happy. I guess some things will never change. I never seen more hatred towards one man in my entire life. One thing i do know for sure is if Wang does sell the team then a lot of psychiatrist's will be out of work because all the negative islander fans won't know what else to complain about.

Zach14
Zach14

Wang may finally pull out!

cags
cags

After reading the commets some of the people on here put up based on assumptions I'm ashamed to be an Islander fan. I guess it make some people feel better about themselves to bash a millionaire who saved the isles and then tired to turn a profit.

wvAL
wvAL

Unless there's a sucker out there willing to spend 300 mill, Wang will remain the owner. Not getting my hopes up

tag1
tag1

@John Richards all of us on here will be dead before there is a NHL team in KC.

camb33
camb33

@mrcisback No mrc...the way I look at it is if wang sells...you along with RM, don and a few more will be on suicide watch...hide the sharp objects!

ejej
ejej

@mrcisback- If you think we're bad, you should chat with a dude doing a 12 year stretch in Federal...

dkdk
dkdk

No mrc ... They would be out of work because we would have a real GM, an NHL coach, wouldn't be circumventing the floor and could simply talk hockey not have to read the woe is wang garbage that the apologists love to spew.

Macacawitz
Macacawitz

@cags Give it a rest.  He's a creep.  Excuse me, a CREEP who should be rotting in a jail cell.  He's destroyed this team the way he destroyed Computer Associates.  It's apologists like yourself who've allowed this charade to continue.

dkdk
dkdk

"guess it make some people feel better about themselves to bash a millionaire who saved the isles and then tired to turn a profit."

it make some people feel better about themselves to bash a billionaire, white collar criminal who used the team we love to try to develop a mini city on the 77 acres that their arena sits on a

Without giving a flying F about the players or their fans as long as he got his land deal done.

A $4B land deal which by the way would have only netted the team a refurbished arena, not even a new one! Yeah God bless his (black) heart.

REDSpointofview
REDSpointofview

@Jason Zimmermann @REDSpointofview  

RM and I have done the dance before.  After spending too much energy trying to outwit each other, we reached a mutual understanding that basically stated we didn't like the others "style" and chose to ignore each other from that point forward.  We exist on this board together, rarely if ever crossing paths.  When we do, it seems to have become some type of mutual admiration society.  He'll like my post,,, I'll like his,,, or if we don't agree we just won't say anything.  I don't expect my comment to amount to anything as far as he's concerned.  It's just howI feel about this situation, and always have.  Wang is in this for his own motives, and not the betterment of the team, and Newsday is a rag best suited for wrapping fish...  

John Richards
John Richards

@tag1 no doubt bettman moved heaven n earth to keep the yotes in Glendale as that hockey mecca the isles were never going anywhere!!

dkdk
dkdk

Camb .... You won't miss the "i am not defending snow, but ......" Followed by 3 paragraphs of defending snow?

mrcisback
mrcisback

@ejej @mrcisback    Most of the guys on this web site are very cool and i enjoy their comments. Other guys i think are connected at the hip.

ejej
ejej

@dkdk- Boy, your posts are getting the closet shiils/wang poppers all in an uproar dk...! Keep firing away..

dkdk
dkdk

He saved us? From what exactly? Winning an occasional playoff series? Until someone, anyone, finds a quote from a board of governor member saying they would have have sanctioned a move out of ny there is no point saying anything about quenbec, KC, or Seattle. The league ran the coyotes for years because they wouldn't move them out of the hockey hotbed of Glendale. But the the straw fields of New York would have been vacated? Yeah, ok.

dkdk
dkdk

And at least Gluckstern and millstein admitted it was a land grab, and when it failed they left. Wang has kept the team and it's fans captive for years with no intent on improving.

tag1
tag1

@mitchfritz Yeah Mitch there was no other way for wang to run the team, he had a gun to his head and HAD to appoint his CURRENT backup goalie GM, there was no other choice. You're wasting your time with him, be done with the argument of if and how much money he is losing because he bought the team, he wanted the responsibility of owning a team and he screwed everything up from the land deal to the team on the ice, it's ALL on wang, no tears for him on my end..

dkdk
dkdk

.... Which leads to playoff revenue

REDSpointofview
REDSpointofview

@jepliberty @REDSpointofview @Jason Zimmermann  

I don't have a cat, I do not like cats.  They are sneaky.  But I can still find other uses for Newsday, which is part of Dolan's empire and like almost everything he owns there is little competition.  Nothing to set the bar any higher.  Although I am holding out hope for a Nets championship which would greatly embarrass Dolan and the Knicks.  Sadly, I think it will be a long time before a Wang owned team will surpass the Rangers... 

jepliberty
jepliberty

@dkdk

Commended for his guts but certainly not his brains, If the walkers in Walking Dead was to eat Snow's brain, they would starve.

dkdk
dkdk

Really when you get down to it, why be like the 29 other teams and extend Moulson who loved it here, was best friends with the franchise, and was a PP monster? Would that have ultimately landed us a prized prospect like Colberg? Maybe this is the way to toughen up JT, but no one thinks of that. And snow probably figured Conor McDavid would like buffalo better than Brooklyn so there was some logic there to. He really is awesome.

dkdk
dkdk

Right Jason, not every guy is Teemu, some take 600-700 games to develop. But he will be worth the wait let me tell you. And like you said when he wants a guy he gets him! I mean when no team is making any offers for Carkner, we were savvy enough to give him 3 years to seal the deal. When we like Collberg, we aren't afraid to part with a guy with 350 career goals. That is being aggressive. Snow should be commended for his guts!

dkdk
dkdk

Good point Jason .... And let's not forget he gambled on JT when only 99.9999999% of all experts had him number 1. I am sure there was a skinny swede that he had his eye on back then.

ejej
ejej

@mrcisback- Statue of limitation. Time ran out for the Feds to go after Wang, plus he was smart enough to lay off Emails and Voicemails. You should be familiar with this, if not, Google it. it's all there for the reading.


Yeah man, good exchange. Be safe..

mrcisback
mrcisback

@shamwow @mrcisback @ejej   Coming from a law enforcement back round i'm sure if the Federal Government had something good on Wang he would have been doing Federal time a long time ago. The Feds don't fool around believe me. Gotta run good conversation.

shamwow
shamwow

@mrcisback @ejej

So we don't agree with what Securities investigators reported about Chuck Wang?

The reports are available for all to see...

Once a criminal fraud, always a criminal fraud...

Enough of the Wang deniers.

mrcisback
mrcisback

@ejej @mrcisback   Fair enough. Were all not going to agree, but one thing i always say is just keep it respectful.

ejej
ejej

@mrcisback- I'm sorry you took my post as a direct to you. Not intended that way sir. But regardless, agreed on your last sentence. I prefer to diffuse..

mrcisback
mrcisback

@ejej   I could really care less about Wang and the truth is i've  been very disappointed with Snow over the last year and i have no confidence in him any more as a GM. And believe me if you met me face to face nothing would happen.

dkdk
dkdk

EJ

I the 2 of which you speak ....

ejej
ejej

@dkdk- I was never sold on his BS as of late, just like another fence shill that I would love to meet face to face. He's recently joined the revolution...no names needed.

dkdk
dkdk

Yes EJ, the one at top really struck my last nerve! They act like we enjoy losing and complain over nothing. It simply what we know, there is no winning until wang and his flunky are gone. When that happens we get to talk hockey.

dkdk
dkdk

Exactly mitch

dkdk
dkdk

Mitch .... This 195 v 300 is such a crock if he was truly losing that much money. It is like saying that you have a 1995 Civic with 210,000 miles on it and you are dying to get rid of it and as soon as someone offers you 12 grand for it you will sell it. Does it matter it is worth 1500?

jepliberty
jepliberty

@rmreturns @mitchfritz

Give up that mantra already, he isn't losing a thin dime in fact he is making money, and stands to turn a even bigger profit with the move to Bklyn, will you still repeat that line of BS then?

bobb
bobb

@rmreturns and if his claims of losing $25 million are true, he'd be better off taking $195 million now, rather than keep the team for any more than 4 years. Even I can do that math.

dkdk
dkdk

It is a ways back, it predates the lighthouse project. Most of his real estate ventures have failed. And I guarantee a lot of that is because of his past, no one wants to get involved with him. And then you throw in his bullying nature and that seals it.

I also equate it as a home owner. I couldn't get a simple deck in my backyard built without a CO and some back and forth with the town over certain sizes and hand rails, etc. yet he was expecting to get a 4B project fully green lighted with no questions or mods made by the town?

dkdk
dkdk

Hey mitch .... I live in the town of oyster bay and he did the same thing with Old Plainview, maybe even worse. When his full plan wasn't accepted but a portion of it was, he stood up in the middle of the meeting and walked out.

He needs 100% of what he wants or he takes his ball and goes home. He is a 70 year old that acts like a 4 year old in toys r us.

tag1
tag1

@mitchfritz @dkdk A rich guy who felt rules didn't apply to him and he could do whatever he wanted, well he found out different.

dkdk
dkdk

Yep spano is more of a savior than want ever was as it turns out

tag1
tag1

@dkdk It's all on him dk, and if it wasn't for Spano he wouldn't have all that cable money, 27 million a year according to Botta.

dkdk
dkdk

Very true Tag! The owner exhibits no common sense and we need to plead for his survival? Bulding through the draft and having the smallest scouting staff in the league is another great idea isn't it?

tag1
tag1

@dkdk Anyone who can't see that hiring your backup goalie as GM was one of the worst moves by a owner in the history of sports is a effin MORON, and I think you, me and others have spent way too much time arguing with this moron.