Dallas businessman John Spano confirmed yesterday he has
reached a tentative agreement to buy a majority interest in the
Islanders, according to Jason Diamos of the N.Y. TIMES. The deal
is believed to be an $82M buyout of principal Owner John Pickett,
who owns "at least" 82% of the club. Spano, a native of
Manhattan who is currently the President & Chair of equipment
leasing company The Bison Group, was "quick to emphasize" he will
not move the team from Long Island. Spano: "I absolutely will
not move the team. It's not a great building. It's past its
time. But the team's not going to move. End of story. It will
not happen." Nassau County Exec Thomas Gulotta added there is a
"specific provision in the agreement that the Islanders remain on
Long Island." Spano would not confirm if a portion of the
Islanders cable rights -- a $13M-a-year deal with SportsChannel,
considered to be the "best TV deal in the league" -- were part of
the agreement. The cable deal runs through 2012, and a source
familiar with Pickett's efforts to sell the team said the deal
with Spano would be in the "range of $150 million if all the
cable rights were included" (N.Y. TIMES, 10/11). The Islanders
confirmed the deal yesterday in a statement. Peter Botte of the
N.Y. POST reports the management team, which owns 10% of the
Islanders and has been running the organization since the '92-93
season, is expected to maintain their minority interests, "albeit
with possibly decreased responsibilities amid the team's daily
operations" (N.Y. POST, 10/11).
MATCH-MAKER MAKE ME A MATCH: NHL Commissioner Gary Bettman
was "instrumental" in bringing Spano into contact with Pickett
and the Islanders' management group, according to Jason Diamos of
the N.Y. TIMES. The league said they "will undertake the
approval process as quickly as possible." The next scheduled NHL
Board of Governors meetings are in Phoenix, December 12-13 (N.Y.
TIMES, 10/11). FABLES OF THE RECONSTRUCTION? Spano said that
among his "first priorities" would be to build a new arena to
replace Nassau Coliseum. So far, Nassau County Exec Thomas
Gulotta has solicited proposals from the private sector to
construct such a facility, but has been "unwilling" to commit
county funds to the project (Ken Moritsugu, NEWSDAY, 10/11).
