ISLES PILLAGE IN NO ARENA? COULD GUTKOWSKI BE TEAM SAVIOR?

          The Islanders "plan to cut payroll drastically and
     probably will start by trading" several of their top players
     if a deal with Nassau County officials for a new arena
     "isn't in place" before July 1, according to sources of Jim
     Smith of NEWSDAY.  An NHL source said that Isles co-Owner
     Steven Gluckstern told NHL Commissioner Gary Bettman, who
     has been representing the team in its arena negotiations
     with county officials, that the team lost $20M this season
     and "cannot afford to do so again."  Former Marquee Group
     President Bob Gutkowski said that he is "interested in
     buying the team," but team execs have been "coy" about
     whether the team is for sale.  It has been reported that
     Gluckstern told Bettman that he would reduce the team's
     payroll to $12M if he does not get an arena deal, but an NHL
     spokesperson described the report as "not accurate"
     (NEWSDAY, 5/20).  Gutkowski: "My interest in the Islanders
     certainly will continue.  There are several people that are
     interested in investing" (N.Y. DAILY NEWS, 5/20).