Kukla's Korner Hockey
by Paul on 08/13/14 at 08:03 AM ET
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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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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