SBD/April 18, 2014/Franchises
Sources: Islanders Draw New Suitors As Barroway Continues Efforts
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Philadelphia attorney and hedge fund manager Andrew Barroway is no longer alone in his pursuit of the Islanders. According to a financial industry source, Islanders Owner Charles Wang has received interest in his team from at least two other potential buyers. "The Islanders are a year away from moving to Brooklyn, and the lease there is good,” said the source. “Once Mr. Wang said publicly that he was listening to offers, it was inevitable that interest would pick up. The Islanders are now an attractive commodity.” Barroway continues to line up partners to help finance a deal with Wang. Negotiations are ongoing. One scenario has Barroway starting out as a partner who holds between 30-49% ownership, with Wang retaining majority ownership for the '14-15 (the Islanders’ final year at Nassau Veterans Memorial Coliseum) and '15-16 seasons (the club’s first year at Barclays Center). Barroway is said to be in good standing with the NHL after he negotiated to purchase the Devils last summer. According to a source, Barroway went far enough in the process with former Devils Owner Jeffrey Vanderbeek to have made an initial payment of $10M, but talks ultimately broke off after additional discovery was done regarding the purchase and ownership costs for the club. Nevertheless, Barroway made a strong impression on the NHL and the Devils. “He loves hockey and came across as a very likeable, sincere guy,” said a source who was involved in the Devils discussions. “From what I can tell, he wants to be an owner and just hire the best president, general manager, and sales and marketing executives that he can find. He wants to sit in the owner’s suite, enjoy the hockey, and let everyone do their jobs.” Barroway was vetted by the NHL during his pursuit of the Devils but was never formally approved by the league. The league views each transaction on its own, so if Barroway were to complete a deal with Wang, he would have to go through the league’s vetting and approval process again.
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