The Islanders "confirmed" late last night that Owner
John Pickett has signed a letter of intent to sell the team
to New York Sports Ventures, LLC, a company controlled by
Coyotes co-Owner Steven Gluckstern and N.Y.-based real-
estate developers Howard Milstein and Stephen Ross,
according to Valenti, Fessenden, et. al., in NEWSDAY. Two
sources "close to the deal" said the group agreed to
purchase the team and its cable TV rights for $195M, which
is $30M more than the price paid by John Spano in April.
Islanders minority owner, Ralph Palleschi, said that the new
group "plans to follow through on the proposed 'major
redevelopment' of the current Nassau Coliseum site," a
project estimated "at more" than $450M (NEWSDAY, 9/12).
LOCAL REAX: In N.Y., Ford Fessenden: "Together, the
three main members of the investment group appear to offer
financial pedigrees as solid as former owner John Spano's
was flimsy. ... Together, the group could provide the kind
of marketing and management know-how, along with the
financial muscle, to realize all of Nassau County leaders'
dreams for the Islanders, their home arena and the
surrounding area" (NEWSDAY, 9/12). In N.Y., Marc Berman
reports that "a source close to the sale" said that Pickett
"received five bids from five different groups over the last
two weeks. None of the bids came from groups headed by Bob
Gutkowski, Marc Roberts, Clark Gillies or even George
Steinbrenner" (N.Y. POST, 9/12). In N.Y., Richard Sandomir
examines the Islanders' cable deal with SportsChannel NY
(SCNY) under the header "Jewel In Franchise's Crown? Its
Cable Deal." The team's deal was extended through 2030
during Spano's "brief" tenure and the Isles, who will
receive "about" $13M from SCNY in '97, "receive just under
what ESPN pays the [NHL] each year for national rights and
more than any team in pro sports gets from local cable
except the Mets and the Yankees" (N.Y. TIMES, 9/12).
IN PHOENIX: With Gluckstern selling his share in the
Coyotes, "count on" Majority Owner Richard Burke "to be even
more vocal and visible as the sole primary owner," according
to Bob McManaman of the ARIZONA REPUBLIC. Burke is a
"hands-on type of owner ... who will be seen and heard far
more frequently once Gluckstern is out of the picture."
McManaman: "Burke may consider seeking a new investor,
perhaps one with local ties. ... But those who know him may
argue that he has enough cash and clout to control the team"
(AZ REPUBLIC, 9/12). One source close to the deal said
Gluckstern's departure "won't affect [the Coyotes] at all
financially" (Tim Tyers, AZ REPUBLIC, 9/12).