The sale of the Islanders "has just hit another serious
snag, so serious that Steven Gluckstern's incoming ownership
group is ready to drop" its $195M bid to buy the team "if
the problem isn't solved by Tuesday," according to Ralph
Vacchiano of the N.Y. DAILY NEWS. The snag revolves around
PA-based Spectacor Management Group (SMG), which has a
contract to run Nassau Coliseum. SMG, which has to approve
any team sale, has said it won't approve the transaction
unless the Isles Owner John Pickett and his family write "a
letter stating SMG has properly maintained the Coliseum."
But Pickett is refusing because he believes SMG has
"neglected maintenance ... for several years." Without
SMG's approval, a source close to Gluckstern's group said,
"this deal will crash and burn." SMG reportedly fears that
Gluckstern's group would "claim SMG breached its contract by
neglecting the Coliseum" (N.Y. DAILY NEWS, 2/22). In N.Y.,
Marc Berman reports that if the sale doesn't receive SMG
approval, sources say the Picketts would try to oust the
company "for mismanaging the Coliseum and file a raft of
claims against the group" (N.Y. POST, 2/23).
