SBD/16/Franchises

NEWSDAY REPORTS ISLES SALE MAY HAVE HIT A SNAG

          The NHL's anticipated approval tomorrow of the $195M
     sale of the Islanders to a new investment group "has been
     thrown into doubt," according to sources of Riley, Smith &
     Moritsugu of NEWSDAY.  Two "insiders" said that the snags
     stemmed from "difficulties" Steven Gluckstern "is having in
     finalizing a deal to sell his half-interest" in the Coyotes
     to partner Richard Burke.  The sources added that "[f]ailure
     to consummate that deal" would prevent Gluckstern from being
     a 40% partner with Howard Milstein, Steven Ross and investor
     Daniel Doctoroff in the Islanders investment group.  Riley,
     Smith & Moritsugu: "Amid a welter of conflicting
     information, it was unclear whether the last-minute problems
     were minor hangups, a negotiating ploy or a major
     roadblock."  Islanders Owner John Pickett, asked if the deal
     had hit a "major snag": "You're misinformed."  Gluckstern
     and Milstein would not comment (NEWSDAY, 1/16).  

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