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NEWSDAY REPORTS ISLES SALE MAY HAVE HIT A SNAG
Published January 16, 1998
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).