Prospective Islanders co-Owners Charles Wang and Sanjay
Kumar, who purchased the team for $190M, met the media at a
press conference in N.Y. yesterday and talked about their
plan of "lifting the team's fortunes," according to Valenti
& Harrington of NEWSDAY. Wang, on replacing Nassau
Coliseum: "To put the cart before the horse makes no sense.
If you have the most beautiful arena in the world, but you
have a dog of a team, no one is going to come out." Former
U.S. Senator Al D'Amato, who was an intermediary in the
talks, helped Wang and Kumar in their bid and said the new
owners "aren't just bluster and promise. I think they have
the capacity to pull people together" (NEWSDAY, 4/27).
D'Amato also sits on the board of Wang and Kumar's Computer
Associates Int'l. Wang, on D'Amato's influence: "When we
first looked at [buying the Islanders], it just didn't make
any economic sense. But the counsel from [D'Amato] was,
'You can't look at it as a business.' He said, `It ain't
going to make money the same way your business does.' And
once we stopped looking at it as a business, it was easy
then." Kumar, on the $190M sale price: "We're paying fair
value. We're paying for the legacy, the demographics and
the future franchise potential" (N.Y. TIMES, 4/27).
IS SMG THE KEY? After months of criticism by the
Islanders that their lease with SMG at Nassau Coliseum is
making it "impossible" for the team to make money, Wang and
Kumar said yesterday that SMG "may be a key partner" in
their efforts for a new arena and surrounding development.
Wang: "We bought the team free and clear. All our options
with SMG are open. I would not rule out a partnership; we
are partners already" (NEWSDAY, 4/27).
ROLE PLAYING: Wang, who joked that he's "not a George
Steinbrenner" type of owner, said that he would "remain
behind the scenes" and "has no plans to make immediate
changes within" team management. But Wang did note that he
"had an intermediary speak with" former MSG President Bob
Gutkowksi, who also bid for the team, about joining the
team's front office in some capacity (N.Y. POST, 4/27).
A GOOD START: NEWSDAY's Steve Jacobson writes Wang and
Kumar "revealed a zip and a wit [yesterday] that appears as
deep and as vital as their pockets. To make this work, they
have to set a tone for the operation that will drive out the
pall that has smothered the franchise" (NEWSDAY, 4/27).
