A group led by former Marquee Group President Bob
Gutkowski, which includes CAK Universal Credit Chair Charles
Koppelman, has "signed a letter of intent to buy the
Islanders" for between $180-185M, according to sources of
Marc Berman of the N.Y. POST. Berman also cites sources as
saying that NHL Commissioner Gary Bettman "has played a
large role in the recent developments." Another source said
of the deal, "They're still far from going to contract, but
general terms have been reached." However, Berman wrote
that "obstacles" to the deal include the Pickett family, the
former Islanders Owners who are owed between $30-40M on
promissory notes, and Koppelman getting "assurance from
Nassau County" on a $300M financial package for a new arena,
although a "binding agreement for an arena deal cannot be
reached in time for the season opener because of
legislation" (N.Y. POST, 8/25). But NEWSDAY's Alan Hahn
cites sources who say that the deal "is not contingent on a
much-needed new arena." Hahn reports that the letter is
"not a binding agreeement," but allows the Gutkowski-led
group to "open the books and investigate the process of
purchasing the team." Neither Gutkowski nor Koppelman were
available for comment (NEWSDAY, 8/26). N.Y. Sports Ventures
spokesperson Gary Lewi "confirmed that the letter of intent
was signed but offered no other details" (N.Y. TIMES, 8/26).
