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N.Y. POST REPORTS SALE OF ISLANDERS TO SPANO "CLOSER"
Published October 17, 1996
While Dallas businessman John Spano and Islanders majority Owner John Pickett have "settled most key issues" in the proposed sale of the club to Spano, the two have yet to "hammer out fully" all contract language, according to an unnamed NHL source cited by Peter Botte of the N.Y. POST. Spano: "There's not much I can add except that it's just not done yet." It is believed that Spano has verbally agreed to purchase Pickett's 85-90% stake in the team for "slightly more" than $80M. Another source cited by Botte said Spano will be back in NY next week and hopes to meet with Nassau County Exec Thomas Gulotta about the prospects of building a new arena to replace Nassau Coliseum (N.Y. POST, 10/17).