GLUCKSTERN SAYS, "ISLE TAKE LONG ISLAND"

          Steven Gluckstern and New York Sports Ventures (NYSV)
     have signed a contract to purchase the Islanders from John
     Pickett, according to John Valenti of NEWSDAY.  The deal is
     scheduled to go before the NHL Board of Governors for
     approval at its December 2-3 meeting.  If approved, NYSV
     "would close" the $195M deal in January.  Pickett said that
     he was "not worried" about potential lawsuits stemming from
     the interim ownership of John Spano.  An NHL source told
     Valenti that NYSV "would pay" $50M to Pickett and his
     partners at closing, with the remaining debt, "about" $65M,
     to be paid over a period "as long as" 10 years.  NYSV also
     will "likely refinance" the team's current $80M debt, which
     was lent to Spano by Fleet Bank (NEWSDAY, 10/16).