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SBD/August 20, 2014/Franchises
Charles Wang Agrees To Sell Stake In Islanders, Will Hand Over Control In Two Years
Published August 20, 2014
RISKY BUSINESS: On Long Island, Mark Herrmann writes it has "not worked out for Wang" with "reported losses" of $20M a year, and it "sure has not worked out for the team, with its embarrassing streak of not having won a playoff series since" '93. They have "flirted with the worst fate a pro team can have: appearing irrelevant in its own market." Herrmann: "Things can only get better. For once, they just might." The "one huge reason is that this time, the buyers know they are getting only a hockey team and not a real estate bonanza" (NEWSDAY, 8/20). Also on Long Island, Joe Ryan notes Ledecky and Malkin come to the Islanders with "starkly different business backgrounds." Ledecky "made his name as a corporate merger specialist who specialized in buying handfuls of small businesses and rolling them up into one big company." His "biggest success was U.S. Office Products, which he founded" in '94 and "built into a juggernaut by consolidating 260 other companies." Malkin is a "scion of one of New York's leading real estate families" but has "primarily focused on European retail." His grandfather, Lawrence Wien, "helped found what is now a sprawling property empire that includes millions of square feet of Manhattan apartments, retail and office space, including a controlling stake in the Empire State Building" (NEWSDAY, 8/20).