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PICKETT AGREES TO SELL ISLANDERS TO GLUCKSTERN & CO.

          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).

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