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ISLANDERS MANAGEMENT COMMITTEE TURNS LOAN INTO EQUITY
Published November 16, 1994
The four-member management committee that has run the Islanders since 1992 announced that it has bought 10% of the team from majority owner John Pickett, Jr. Committee Co-Chair & CEO Stephen Walsh: "Our group had previously made a loan to the team. In exchange for that, we converted the loan to equity, which makes the team a lot stronger financially." While there has been "confusion" as to who runs the team, the new agreement calls for the committee "to have operating control of the franchise for the next decade, beginning immediately" (N.Y. TIMES, 11/16).