Speculation: NY Islanders Sale Talk ONLY Part III *Barroway out Post 652*

[giddy up*]

If someone is offering Wang double what Forbes says they are worth, what is he waiting for?

 

[lazycop]

I don't know why everyone's so fixated 'a date', as in announced after the finals or right before the draft, and then when that comes and goes people are ready to jump off a bridge.

Maybe it just gets announced, ya know, when it's done?

 

[BillD]

Hey guys, I'm mostly a lurker around these parts, but I follow the boards pretty closely. I was served a tidbit of "information" this past Sunday from someone whom I trust and has some ties with people seemingly in the know. I'm only passing it along for the sake of discussion, and also because I'm curious if what I was told sounds like something that's even feasible to the rest of you. I couldn't care less if this turns out to be right or wrong, so I'm not here for kicks or I told you so's, and I thought at the very least it would be interesting to toss around.

With the disclaimer out of the way, here goes: Supposedly an agreement between Wang and Barroway has been reached like people have been claiming, but there's an interesting extra he mentioned that I haven't heard or seen floating around the internet yet. He claims that a deal is in place, but there's a condition that Wang is still able to field offers from anyone who could beat the deal he has with Barroway, but he would allow Barroway the opportunity to match/beat any of these potential offers that might come Wang's way. One would have to assume there's some kind of deadline associated with this sort of agreement where Barroway would officially get the team if no other suitors step up by a certain time, but if so, I wasn't told when that would be.

Upon hearing it, I was pretty skeptical, and wondered why Barroway would even agree to something like that, but he was fairly insistent so I just said "fair enough." With all the uncertainty floating around recently though, I thought maybe there's a chance there could be something to this, as it might explain why there's conflicting rumors and claims getting tossed around. "There's a deal." "There's no deal," "There's a deal but we're waiting for an announcement," etc. Maybe this is why there's a holdup.

So having said all that, does this even sound like something that would make sense? I have no insight as to how sales such as these can play out, and I also imagine anything is possible with Charles Wang involved. So what do you all think? Is it possible Wang and Barroway shook hands but agreed to give Wang some time to take better offers?

I NEW YORK (CBSNewYork) — It seems to be your move, Charles Wang.
Earlier this spring, the owner of the Islanders said he wasn’t actively shopping the team, but would listen to offers. Andrew Barroway appears to be on the verge of making the kind of offer Wang may not refuse.
According to a report in the Sports Business Journal, Barroway, a Philadelphia area attorney-turned-hedge fund manager, has lined up the partners and financing needed to complete a deal. Barroway’s partners were not named, but it had become clear that he would not be able to raise the money needed to buy the Islanders without some help.
Wang and Barroway reportedly have what amounts to a handshake understanding that the sale price of the team would be approximately $400 million. However, Barroway does not have exclusive negotiating rights, meaning Wang can listen to other offers, Sports Business Journal reported.
It’s important to note that Barroway, who was once interested in buying the New Jersey Devils, has been the most aggressive — and the only one named — of the potential suitors to buy the Islanders, who will leave Nassau Coliseum for Barclays Center in Brooklyn after the 2014-15 season. The issue now appears to be just how badly Wang wants to sell.
“It’s still going to be a while before we know if Wang completes the deal,†a league source told Sports Business Journal. “Charles has been focused on the Barroway offer because it meets his price, but Charles can be a tough negotiator. And as (NHL Commissioner) Gary Bettman has said, Charles still has to decide if he’s ready to completely walk away from the team. He lovesthe Islanders.â€

 

[IslesFanatic]

If someone is offering Wang double what Forbes says they are worth, what is he waiting for?

Cause he is a ********* galore.

 

[periferal]

If someone is offering Wang double what Forbes says they are worth, what is he waiting for?

The fact that you asked that question tells me you either haven't followed how wang has run this Isles or your feet aren't tethered to the planet. Has to be one or the other.

 

[Zarley Z]

I NEW YORK (CBSNewYork) — It seems to be your move, Charles Wang.
Earlier this spring, the owner of the Islanders said he wasn’t actively shopping the team, but would listen to offers. Andrew Barroway appears to be on the verge of making the kind of offer Wang may not refuse.
According to a report in the Sports Business Journal, Barroway, a Philadelphia area attorney-turned-hedge fund manager, has lined up the partners and financing needed to complete a deal. Barroway’s partners were not named, but it had become clear that he would not be able to raise the money needed to buy the Islanders without some help.
Wang and Barroway reportedly have what amounts to a handshake understanding that the sale price of the team would be approximately $400 million. However, Barroway does not have exclusive negotiating rights, meaning Wang can listen to other offers, Sports Business Journal reported.
It’s important to note that Barroway, who was once interested in buying the New Jersey Devils, has been the most aggressive — and the only one named — of the potential suitors to buy the Islanders, who will leave Nassau Coliseum for Barclays Center in Brooklyn after the 2014-15 season. The issue now appears to be just how badly Wang wants to sell.
“It’s still going to be a while before we know if Wang completes the deal,†a league source told Sports Business Journal. “Charles has been focused on the Barroway offer because it meets his price, but Charles can be a tough negotiator. And as (NHL Commissioner) Gary Bettman has said, Charles still has to decide if he’s ready to completely walk away from the team. He loves the Islanders.â€

Thanks BillD, that must have been one of the few pieces on the subject I've missed. But like you said earlier, if true, it still points in the direction of Wang ultimately selling the team, it looks like we just have to maintain patience and sanity.

 

[Bones45]

So a guy on a message board knew someone who heard something... LOL

No offense Bill --- but that is funny.

All good.

 

[BillD]

So a guy on a message board knew someone who heard something... LOL

No offense Bill --- but that is funny.

All good.

In essence that summarizes it.
What else is there? In fact, there seems to be some degree of credence to the possibility of a sale which Wang was almost forced to acknowledge with is issuance of Memorandum of Offer. Before that, none of us news hungry Islander fans had any inclination that Wang was thinking of selling or that we ever get rid of him until the grim reaper made a call.
Will he or won't he? Has he or hasn't he? Now we ARE in holding pattern, waiting for an possible answer. IDK if that is better or worse than where we were before this subject arose.

 

[blitzkriegs]

In essence that summarizes it.
What else is there. In fact, there seems to be some degree of credence to the possibility of a sale which Wang was almost forced to acknowledge with is issuance of Memorandum of Offer. Before that, none of us news hungry Islander fans had no inclination that Wang was thinking of selling or that we ever get rid of him until the grim reaper made a call.
Will he or won't he? Has he or hasn't he? Now we ARE in holding pattern, waiting for an possible answer. IDK if that is better or worse than where we were before this subject arose.

What is obvious is that Wang WANTS to sell, otherwise he would not have gone public with the issuance of that order. That was specifically done to cut of the press and public about the TSN report, but also a blatant attempt to try to obtain a larger pool of suitors.

I find it laughable that Wanger routinely said he's had offers from people willing to but the team and move it out of state. Umm...where? Now, all of sudden, he needs to go public with this MO just as the team is leaving NVMC, the BC deal is locked in, the valuation of the team has been or will be resetting, the note is coming due at some point this summer, the backloaded deals made and spurned are all coming due and getting higher, the cap floor is rising, the cap ceiling is rising, and the league wants to take the Isles off of revenue sharing once they are in BC. Yep, nothing to see here and Charlie is 'making up his mind.' Nope, Charlie wants to sell, but just thinks he can 'win' the deal like he is so used to doing over his career. That's all this is about.

 

[IslesFanatic]

What is obvious is that Wang WANTS to sell, otherwise he would not have gone public with the issuance of that order. That was specifically done to cut of the press and public about the TSN report, but also a blatant attempt to try to obtain a larger pool of suitors.

I find it laughable that Wanger routinely said he's had offers from people willing to but the team and move it out of state. Umm...where? Now, all of sudden, he needs to go public with this MO just as the team is leaving NVMC, the BC deal is locked in, the valuation of the team has been or will be resetting, the note is coming due at some point this summer, the backloaded deals made and spurned are all coming due and getting higher, the cap floor is rising, the cap ceiling is rising, and the league wants to take the Isles off of revenue sharing once they are in BC. Yep, nothing to see here and Charlie is 'making up his mind.' Nope, Charlie wants to sell, but just thinks he can 'win' the deal like he is so used to doing over his career. That's all this is about.

Too bad he doesnt care about "winning" on the ice. Can't wait until he sells and is gone. Jesus happen already.

 

[BillD]

What is obvious is that Wang WANTS to sell, otherwise he would not have gone public with the issuance of that order. That was specifically done to cut of the press and public about the TSN report, but also a blatant attempt to try to obtain a larger pool of suitors.

I find it laughable that Wanger routinely said he's had offers from people willing to but the team and move it out of state. Umm...where? Now, all of sudden, he needs to go public with this MO just as the team is leaving NVMC, the BC deal is locked in, the valuation of the team has been or will be resetting, the note is coming due at some point this summer, the backloaded deals made and spurned are all coming due and getting higher, the cap floor is rising, the cap ceiling is rising, and the league wants to take the Isles off of revenue sharing once they are in BC. Yep, nothing to see here and Charlie is 'making up his mind.' Nope, Charlie wants to sell, but just thinks he can 'win' the deal like he is so used to doing over his career. That's all this is about.

Exactly. And when Charlie wins, it is likely that we lose.

 

[scott99]

I NEW YORK (CBSNewYork) — It seems to be your move, Charles Wang.
Earlier this spring, the owner of the Islanders said he wasn’t actively shopping the team, but would listen to offers. Andrew Barroway appears to be on the verge of making the kind of offer Wang may not refuse.
According to a report in the Sports Business Journal, Barroway, a Philadelphia area attorney-turned-hedge fund manager, has lined up the partners and financing needed to complete a deal. Barroway’s partners were not named, but it had become clear that he would not be able to raise the money needed to buy the Islanders without some help.
Wang and Barroway reportedly have what amounts to a handshake understanding that the sale price of the team would be approximately $400 million. However, Barroway does not have exclusive negotiating rights, meaning Wang can listen to other offers, Sports Business Journal reported.
It’s important to note that Barroway, who was once interested in buying the New Jersey Devils, has been the most aggressive — and the only one named — of the potential suitors to buy the Islanders, who will leave Nassau Coliseum for Barclays Center in Brooklyn after the 2014-15 season. The issue now appears to be just how badly Wang wants to sell.
“It’s still going to be a while before we know if Wang completes the deal,†a league source told Sports Business Journal. “Charles has been focused on the Barroway offer because it meets his price, but Charles can be a tough negotiator. And as (NHL Commissioner) Gary Bettman has said, Charles still has to decide if he’s ready to completely walk away from the team. He loves the Islanders.â€

When was this report written ? There is NOTHING in this report that is mindblowing and something we already haven't heard in the past.

1) We knew it was Barroway and 400 mill
2) We knew Wang was listening to ALL offers.
3) We knew Wang was wishy-washy when it came to deciding IF he wanted to sell the team.

The words "exclusive negotiating right" really is a fancy way of saying, Wang has agreed to Barroway's offer money wise (400 mill), but he can still look for a better (more $) deal. This is nothing we didn't know. Exclusivity is nothing new or shocking.

 

[simbo042]

If someone is offering Wang double what Forbes says they are worth, what is he waiting for?

The people doing the offering probably still have due dilligence to do, not to mention the inevitable corporate law/sale issues that will come up in the contract negotiations.

As for Forbes valuations, I wouldn't put too much stock in external valuations of companies (or other assets) when the valuer does not have access to internal financial records. There are just too many variables that can affect a sale price that would not be publicly available to Forbes. The offer may not be a no-brainer (and Wang might hold out for more even if it were...).

 

[BD]

I NEW YORK (CBSNewYork) — It seems to be your move, Charles Wang.
Earlier this spring, the owner of the Islanders said he wasn’t actively shopping the team, but would listen to offers. Andrew Barroway appears to be on the verge of making the kind of offer Wang may not refuse.
According to a report in the Sports Business Journal, Barroway, a Philadelphia area attorney-turned-hedge fund manager, has lined up the partners and financing needed to complete a deal. Barroway’s partners were not named, but it had become clear that he would not be able to raise the money needed to buy the Islanders without some help.
Wang and Barroway reportedly have what amounts to a handshake understanding that the sale price of the team would be approximately $400 million. However, Barroway does not have exclusive negotiating rights, meaning Wang can listen to other offers, Sports Business Journal reported.
It’s important to note that Barroway, who was once interested in buying the New Jersey Devils, has been the most aggressive — and the only one named — of the potential suitors to buy the Islanders, who will leave Nassau Coliseum for Barclays Center in Brooklyn after the 2014-15 season. The issue now appears to be just how badly Wang wants to sell.
“It’s still going to be a while before we know if Wang completes the deal,†a league source told Sports Business Journal. “Charles has been focused on the Barroway offer because it meets his price, but Charles can be a tough negotiator. And as (NHL Commissioner) Gary Bettman has said, Charles still has to decide if he’s ready to completely walk away from the team. He loves the Islanders.â€

ask yourself if the report is independent OR dependent on the same info that was given to IslandersMania/here by same person.

Because that same person is reporting a totally different tale now from that news item.

Just something to ponder.

 

[doublechili]

If someone is offering Wang double what Forbes says they are worth, what is he waiting for?

Triple?

 

[OlTimeHockey]

Theory:

Wang is waiting til the day of the draft to announce it so his son can go on stage one more time.

 

[The Underboss]

Guys and gals, don't forget links when you post stuff.

 

[BillD]

When was this report written ? There is NOTHING in this report that is mindblowing and something we already haven't heard in the past.

1) We knew it was Barroway and 400 mill
2) We knew Wang was listening to ALL offers.
3) We knew Wang was wishy-washy when it came to deciding IF he wanted to sell the team.

The words "exclusive negotiating right" really is a fancy way of saying, Wang has agreed to Barroway's offer money wise (400 mill), but he can still look for a better (more $) deal. This is nothing we didn't know. Exclusivity is nothing new or shocking.

Right. Just responding to Zarley's post bring up that he just heard Wang had reserved the right to field offers from others until the agreement was finalized. Nothing new here, it was in Botta's SNJ piece abstracted above.

 

[BillD]

ask yourself if the report is independent OR dependent on the same info that was given to IslandersMania/here by same person.

Because that same person is reporting a totally different tale now from that news item.

Just something to ponder.

Who is that person you refer to and what is he posting now that is different?

 

[Isles72]

discouraging sign that sale isnt close are that wang style moves are being made

re-fried beans in Cronin and Weight having dual roles as both asst. coach and asst.gm .

otoh , limiting the hires means less of a mess for new owner to clean up once he reviews the operation and realizes its time to bring in a dumpster.

 

[Isles Fan]

In essence that summarizes it.
What else is there? In fact, there seems to be some degree of credence to the possibility of a sale which Wang was almost forced to acknowledge with is issuance of Memorandum of Offer. Before that, none of us news hungry Islander fans had any inclination that Wang was thinking of selling or that we ever get rid of him until the grim reaper made a call.
Will he or won't he? Has he or hasn't he? Now we ARE in holding pattern, waiting for an possible answer. IDK if that is better or worse than where we were before this subject arose.

Or perhaps Wang issued the Memorandum of Offer to put down the rumors of a sale that had begun to fly. Keep in mind that memorandum stated he was entertaining offers as he has done since he owned the team. People tried to connect the dots of the rumors of a sale to the memorandum at the time, but the statement made no ties to that, you did.

I don't think we are in a holding pattern at all. Holding pattern from what? The official statement from the team and NHL was Wang was open to offers. Anything else was hearsay, rumor and speculation, all of which was unconfirmed and anonymous. People chose to buy in to that, for whatever bizarre reason, to the point where they believed it to be true.

You cannot be in a holding pattern if there was nothing going on to begin with.

 

[Levi Walking Bear]

Theory:

Wang is waiting til the day of the draft to announce it so his son can go on stage one more time.

With a pile of Fritos and Tostitos.

 

[periferal]

discouraging sign that sale isnt close are that wang style moves are being made

re-fried beans in Cronin and Weight having dual roles as both asst. coach and asst.gm .

otoh , limiting the hires means less of a mess for new owner to clean up once he reviews the operation and realizes its time to bring in a dumpster.

Exactly. It's business as usual in Uniondale until it's officially not...And no rumor posted on these boards is going to change that.

 

[bluechipbonzo]

Botta's podcast sez Barroway and his many partners are closing in on 80% control of the Isles.

http://www.sportsbusinessdaily.com/SB-Blogs/On-The-Ground/2014/06/PodcastNHLWrapAround10.aspx

 

[First Blood]

Botta's podcast sez Barroway and his many partners are closing in on 80% control of the Isles.

http://www.sportsbusinessdaily.com/SB-Blogs/On-The-Ground/2014/06/PodcastNHLWrapAround10.aspx