Via Sports Illustrated, New York Islanders owner Charles Wang is finally--albeit slowly and surely, to Jon Ledecky and Scott Malkin--relinquishing control of the team he's allowed to languish for the past 14 years, all while being sued by a second party, hedge fund manager Andrew Barroway, for reneging on a second deal to sell the team.
Given Wang's wacky ways (see: the repeated attempts to tie renovating Nassau Coliseum or build a new rink based upon the "Lighthouse Project's" various guises), it's surprising but not shocking to find that Fortune Magazine's David Primack and Daniel Roberts report that Wang had been working on selling the Islanders to a third group, too:
Apparently unbeknownst to Barroway, Fortune has learned that Wang also was negotiating to sell the team to a Boston-based investment firm called Peak Ridge Capital. Not beginning in March, but several months earlier.
The ultimate agreement would have valued the team at $508 million — Peak Ridge originally had offered around $30 million less — with Wang sending Peak Ridge a purchase and sale agreement that in many sections is identical to the one sent to Barroway (it is worth noting that Peak Ridge would have been aware of Barroway’s attempts to purchase the team, as it had been leaked to the media). Part of the Peak Ridge group included a former NHL player, who likely would have run hockey operations.