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It’s Time For Charles Wang To Sell The New York Islanders

from Richard Sandomir of the New York Times,

Wang knew little about hockey and made some bizarre decisions, including elevating Garth Snow, a backup goaltender, to general manager, according to Mike Milbury, a former general manager, and wanting to get rid of the team’s scouts. Milbury recalled two years ago that Wang had wanted to try out sumo wrestlers in the crease.

Wang inherited a losing team, and experienced some improvement, but he still has a losing team.

That Wang still owns the team is surprising. He banked on the Islanders’ being in a new or refurbished arena long ago, but no matter what the plan, it never worked out.

He did not move the team to possible getaway cities like Kansas City, Mo.; Quebec City; Hamilton, Ontario; or Seattle. Maybe he should have picked one and made some of his money back.

In 2003, he let me read documents that pegged the team’s losses in his first three years of ownership at $52.2 million. “It’s uncomfortable to lose money having worked so hard to make it,” Wang said at the time. “I’m investing, in one sense. The team has to be self-sustaining. This is not a church that will stay open forever.”

But it has. By 2009, Wang told Newsday that his losses had climbed to $209 million. The total is probably close to $300 million by now.

Patience has only brought Wang fiscal grief. It’s time for a new owner to try to lose less money.

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Filed in: NHL Teams, New York Islanders, | KK Hockey | Permalink
  Tags: charles+wang

Comments

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Yeah. I hope that the group that is going to pay Wang more than $420 million can pull the deal off and quickly. Wang can’t keep his hands off of major decisions that should be handled by the GM or other hockey personnel. The team can’t get over the hump as the result. I’m still wondering what the team could have been had Neil Smith lasted longer than a month.

Posted by beardChamp on 08/13/14 at 02:20 PM ET

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As an Isles season ticket holder ( @ Nassau - not sure if going to BKLYN) - I have had 20+ years of a S**T sandwich handed to me by him, Spano, Gang of Four and Millsteins. 

He is a dishonest prick.  This team treats their season subscribers like red headed bastard stepchildren.  He would rather lose with his friends ( Picker/Lancey/Snow/DiPietro/McCarthy) than win with actual professionals running the team. 

That he reneged on this deal - par for the course.  His ego is so large - he DID have sellers’ remorse and clearly - wants all the glamor that goes with owning an NHL team and use someone else’s money in the process.  GOOD RIDDANCE and cannot happen soon enough.  The credibility of the NHL is at stake.  How they could allow this shyster to own the team one more day is beyond me.

Posted by Kaszycki and his Krew on 08/13/14 at 06:02 PM ET

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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

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