Report: Wang in Talks to Sell Isles

Islander owner Charles Wang is in talks to sell a majority stake in the team, according to TSN’s Bob McKenzie. The NHL insider sent out a tweet just after 12 a.m. Friday morning reporting that the long time owner was looking to sell.

No further information was reported following the initial tweet.




107 comments
Neil Ellis Shafton
Neil Ellis Shafton

The Islanders need a complete overhaul which is going to take some time to complete. You can say the owner was out of his depth due to allowing a GM like Snow to piss away key players who are needed for this team to grow with. Its just sad that a once proud and dominant franchise was left with an arena which has seen better days. Moving to Brooklyn is a start, however new ownership would have to seriously look at getting a GM/Asst GM of Hockey Operations along with a knowledgeable group to take over player development. I am in Los Angeles and I can tell you it took a long time for the Kings to finally get things going in the right direction. While I don't always agree with what our GM is doing regarding drafting or trades, or his mindset of a prototypical player having to be at least 6ft and weigh 200+, he got results. The Islanders have a lot of work ahead of them if they finally can get someone in to clean house and start the task of rebuilding. It looks like the Islanders are going to have to build from the back out, starting with their goaltender, then defense. You have a few pieces already with Tavares, Grabner, Okposo, Strom, Hamonic, de Haan and then your prospects Reinhart, Pulock and some of the European players in time should help build a good core for years. You have some aging veterans but the team overall needs to become younger. Hopefully you can hold onto your draft picks and use them to add some younger players via trade, or trade some prospects to get a more experienced  defenseman, goaltender, defensive forwards and Top 6 forwards. It would probably be a good idea for the new ownership to look at what Colorado or Columbus have done to get the results they want. The new GM will need to have a 3-5 year plan to get things turned around. This way the fans and players know what is expected.  If the team shows they are serious about turning things around, and with the planned move to Brooklyn, this should draw more attention from UFA's so they will want to sign with the Islanders. I am not sure how many former players from the glory years are still around, but this is another thing the Islanders need to bring in to get people excited again. It is nice to see many former Kings players showing up at games or other events and it creates a lot of excitement and interest. The NHL needs the Islanders. There is too much history and tradition with the Islanders and their long time fans and new fans deserve a better product both in an arena and on the ice.

Robert Keane
Robert Keane

Wang has done right by Long Islanders when he bought the team, and he has been let down by politicians who didn't fulfill promises or even want to play ball with Wang on developing the area.

Now that the Isles are staying in the NY area (thanks Charles!) We need to take this team to the next level and bring in an owner who is committed to the team financially and pay the league averages in salaries so players want to come here.

isles23
isles23

Guess many on here have never heard the expression fool me once shame on you, fool me twice shame on me. I'm not expecting a new owner to be any better because weve hoped for that more than once now.

Chris Retzlaff
Chris Retzlaff

There have been long rumors that Pat Lafontaine was Heading a group to take over the Isles…his resignation and now this timely news leads me to believe were there is smoke, there is fire.  Kudos to Garth Snow for shoving it up our ass on his way out.

mrcisback
mrcisback

     Lets just hope a new owner doesn't try to move the Islanders out of NY. I don't think they can with the new lease that was signed to play in Brooklyn but stranger things have happened. Money always talks.

John Richards
John Richards

Seriously we need a new owner someone who wants to win and will hire real hockey people!!

Abraham Rudy
Abraham Rudy

I dunno, we've had owners who were MUCH worse than Wang. Wang's faults are that he's overactive and trusts his personnel too much, and that he's cheap. Owners can get MUCH cheaper, and there's no guarantee personnel improves. 

John Richards
John Richards

Wang sells to Kim jong un forces everyone to get haircuts like him!!

phishstyx1
phishstyx1

Thank you God....my prayers have been answered!!

TomDinNJ
TomDinNJ

Makes sense being that Wang has been off radar for the past year. Hopefully some good news and a culture change on the horizon.

cournoyer
cournoyer

Lateral move unless party wants to spend and win.  Brooklyn deal was just gift wrap

JM from NJ
JM from NJ

I, too, will only believe it when I see it.  If this means that this summer will be another waste, more FA's not coming here because of this circus, then the news of this (until it gets done) is not good for next year.  I don't know how many more years I can take of this nonsense.  

Brian Kalley
Brian Kalley

Before everyone gets to hard on Wang just remember he is the only reason this team is not playing in Kansas City or some other place right now. He lost a ton of money keeping this team on the Island.

That said I'm happy he got a long term lease with Brooklyn before selling the team. He stuck to his word and did everything he could to try to keep this franchise on Long Island and now at least in NY.

Not sure you could find to many people willing to do the same.

It is time for a new owner and a new direction .

Jim Lester
Jim Lester

This is like getting excited over a Grabner breakaway...

firecappy
firecappy

With our luck the Wilpons are buying and will immediately plan to cut payroll.  We are still a few million about the cap floor.

Brian Delaney
Brian Delaney

I would love to see the direction of the team with a new owner, GM , and coach.

Maybe we get to spend some money to get to the cap not the cap floor for a change.

Please Charles!!!!!!

Please sell and go away..

Brian Tierno
Brian Tierno

omg I almost started crying from joy , lets hope so

anthony
anthony

Prayers have been answered.. There is light at the end of the tunnel.

Larry Samele
Larry Samele

Saying my prayers today that this is true!

Mike Corbett
Mike Corbett

Just hope it isn't to someone in Quebec City :/

5min4fighting
5min4fighting

Rumor has it that Justin Bieber is the prospective buyer...all cash transaction!  You think CBW was a horrible owner.  One Direction will be the new GM conglomerate and we will be coached by Scooter Braun!

slapshot18_rs
slapshot18_rs

@Neil Ellis Shafton  the islanders do not need a 3-5 year overhaul on the ice.  they need an overhaul from the front office and coaching staff, but they are not cleaning house with the players themselves.  they are extremely young, not sure how much younger you want them? unless you strictly mean getting rid of the likes of vis nabby carkner etc....they have assets they can move to imrpove now.  3-5 years is unacceptable and unnecessary. 

shamwow
shamwow

@Robert Keane

How much were you paid to post that BS?

Chuck never gave a damn about hockey or the islanders...

The well known fraudster from his CA days only bought the Team as leverage in a land scam, and failed miserably...

And the League was never allowing the historic Franchise to leave the Metro Area.


dzruggie
dzruggie

@isles23  You're funny.  Well in this case you have to take real estate out of the mix and that would leave people (hmm billionaires) who actually want to own a team.  This is great news if true.

Robert Keane
Robert Keane

@mrcisback I don't think they will be going anywhere with a 25 year lease at the Barclay's. If so, that's a great thing Wang did for us fans who would hate to see them in Kansas City.

Todd Walsh
Todd Walsh

@Abraham Rudy  He's cheap?  Question:  Imagine you own a business.  This business loses money each year.  Instead of giving up, or selling immediately, you decide to keep this business going, all the while losing money, just so that other people can have a job, and other people can enjoy it for themselves.  How is it cheap of you to keep a business going while losing money?  IN this case, we are talking millions and millions of dollars.  You call him cheap?  He lost arguably 200 million in the 13-14 years he had the team.  HOw is this cheap?  He gave islanders fans a 200 million dollar tip.  He is not good at hockey decisions, but he gave money out of his own pocket to keep this team alive all these years.  I don't like how he kept MM around, but the team would have folded had he not come around when he did

John Richards
John Richards

Wang hired snow/gordon /crappy!! Enuf said!!

dzruggie
dzruggie

@slapshot18_rs @Neil Ellis Shafton  Where are you getting 3-5 years?  They will have a top 5 pick this year to draft or move.  There are several goalies available.  Would it be ironic if the best deal on the table for Vanek will be the 7 for $50M he declined.  

Abraham Rudy
Abraham Rudy

@John Richards  i'd be more outraged by DiPietro's contract than by snow gordon and cappy. snow does a mediocre job from a very weak position. Gordon had a good run until his coaching style wore out. Cappy... well they played well last year. Remember how bad they were under Stirling? Also, i didn't like how quickly they dumped Teddy Nolan. Should have given him a real chance. but i guess my point is there have been ups and downs - mostly downs, but still some ups. 

dzruggie
dzruggie

@mrcisback  14,000 seats but a ton of high end seats in there which offset those tickets most people pay.  Look I am not defending the horseshoe - I'm old school we'll see how that works out.

mrcisback
mrcisback

@dzruggie @mrcisback @Robert Keane   You mean the basketball arena which has to be converted to a horse shoe in order to play hockey games and barely holds 14,000 seats for hockey.

dzruggie
dzruggie

@mrcisback @Robert Keane  Why would a new owner move a team out of NYC with a brand new arena, a great TV deal and set revenue streams?  

dzruggie
dzruggie

@dkdk  You are not calculating net worth correctly.  When you purchase an asset it has value - watch Brewster's Millions - you'll get it.....  

shamwow
shamwow

@dkdk

Reason and logic is never appreciated on this board...

Put down the calculator and back away slowly, DK

shamwow
shamwow

@rmreturns

Tossing pearls among swine, huh?

That statement from the shill who bends over and squeals for Chuck...

Now back to cleaning Chuck's toilet, little piggy.

dkdk
dkdk

Wangs net worth when he purchased the team was 1B .... He bought the team for 165 (leaving 835M) ..... As of last month his net worth was 850M.

Where did he make the 300m or so that he said lost of the team then? The real estate market crashed, the stock market crashed, where is all the influx of money then?

shamwow
shamwow

@rmreturns

Nonsense posted by a Chuck Wang paid shill...

For those interested in both the numbers, and the truth, go read the Forbes article for yourself...

The team showed an average annual Operating loss of -8.2M over nearly the last decade...

And when counted against the 20M yearly revenue from the Cable contract, the Team would have actually showed a 12.8M annual Net Profit...

But, if nothing else, we know Chuck is one of the very best when it comes to accounting frauds.

rjmatty
rjmatty

@Don22 @Abraham Rudy @John Richards  Your last sentence is the exact reason why a goalie doesn't get that length of a contract. Brodeur, Roy, Fuhr, never got that deal, and they were Brodeur, Roy and Fhur, I wonder why.

slapshot18_rs
slapshot18_rs

@Don22 @Abraham Rudy @John Richards  and he was one of the hottest goalies in the league at the time of signing, and probably the most athletic goalie in the league at the time.  totally agree with you, length was risky but a 4.5 cap hit for a goalie of the calibur he was showing he had, would have been an extremely team friendly cap hit.  

Don22
Don22

@Abraham Rudy @John RichardsAbraham - were you outraged by the DP contract when it was initially made?  It was a crazy amount of years for sure. But had we gotten what was expected - which was a #1 goalie for about 10 years - it would have been a pretty decent contract locking him up for 4.5 cap hit.  It's easy to be outraged now after we've seen the end result.  You can say injury is a major risk and you would be right. But nobody could have foreseen the injuries he gotten and then the erosion of skill because of them.