Islanders Owner John Pickett reached an agreement with
Fleet Bank regarding the terms under which Pickett will
resume control of the Islanders. As part of the agreement,
Fleet will release former Owner John Spano from all claims
relating to his "purported purchase" of the team. NHL
Commissioner Gary Bettman, in a statement: "The ownership
situation of the Islanders has been resolved." The NHL
office has begun working with Pickett to find new ownership
to buy the team and continue to operate it on Long Island
(NHL). NEWSDAY's John Valenti reported that a source close
to the league "said Fleet agreed to help bear future team
debts with Pickett" (NEWSDAY, 7/27).
PENNY WISE? BLOOMBERG reported that sources close to
the case have said that the NHL paid a former FBI agent
around $525 to investigate Spano, "much less than other
major sports spend on background checks." NHL VP
/Communications Arthur Pincus would not confirm the report,
but said "the league spent 'much more' than $500 and used
its staff as well as outside attorneys and investigators"
(BLOOMBERG/N.Y. TIMES, 7/27). Spano was profiled in the
DALLAS MORNING NEWS by Alm & Bedell, for which he declined
to be interviewed on the advice of his attorney. Penguins
Owner Howard Baldwin: "I knew John for two years, and I
certainly thought he was legitimate. I was fooled. I'm not
ashamed to admit it" (DALLAS MORNING NEWS, 7/27).
KID GLOVES? In N.Y., Bob Raissman: "Maybe it's because
of the goodwill he's fostered as NHL commish, but the media
has largely let Gary Bettman slither unscathed through the
ooze of this bizarre ... affair" (N.Y. DAILY NEWS, 7/27).
In Toronto, Jim Proudfoot: "[A]pprehension will now be rife
around the NHL ... Anybody can make a mistake, of course,
but repeating it is inexcusable" (TORONTO STAR, 7/26).
