NY Islanders Sale Talk ONLY Part IV **Post 400, Isles SOLD**

[Strome18]

I could be wrong but can't Wang just pay the $10 million and be done with it? In the lawsuit it said that Barroway either wants the sale to be forced or the $10 million to be paid.

This. The sale will be finalized by December 2014. The NHL will approve and Wang will settle out of court with Barroway. Even if an injunction were filed, the courts would push to complete this quickly. No way I see this lasting past end if year.

 

[Strome18]

It's a big finger to Nassau - and take two years to rebuild his reputation. If Isles so well in BC, then people look at Nassau as a big fail and Wang had nothing to do with it. He 'saved' the franchise and covered his 'losses' and all the penny pinching was bc of NVMC and Nassau.

Ding ding ding, we have a winner. I hate Wang, but he is not stupid with his money. Although, owning the Islanders may have not been a shrewd decision until today's deal.

 

[hunter7isles]

Said it on twitter — ill say it here....

Before celebrating... and not to pee on all of this...

1) The deal can always go sideways and fall apart. It has happened before. Until the deal is signed and completed with an NHL BoG sign-off, Im reserving celebrations...

2) Will Barroway seek an injunction to stop any sale until his lawsuit is handled? How long will that take? Could be years and years and years.

3) Malkin seems to have some deep roots in NYC. Preliminary quick look shows he in on the Board of Directors at the NY Public Library, and he is owner (or his company is the owner) of the Empire State Building. This is all good and I have no issues and it also seems that Ledekey knows a little something about hockey and sports ownership. All good. But until the rubber meets the road and we begin to see these guys in action as owners —*majority owners — its a little premature to jump up-and-down in celebration.

Will they handle PR in a better more professional way?

Will they go crazy and blindly deal away young talent for past prime "names?"

Will they honor the Brooklyn lease or try to move the team?

Will they spend beyond the floor?

Someone said to me that no one can be worse than Charles Wang. Well — either they are too young to remember or are having a little amnesia —*but yes... someone can be worse and in fact someone was worse. Remember the Milsteins and Gang of Four? Remember the Spano fiasco?

Sure —*its unlikely that a Spano could happen again. And there is a floor to deal with now where there wasn't before. But nothing is guaranteed —*and when Tavares' current deal expires and he is seeking $9 or $10 mil per season as an in-his prime consistent 85-90 point producer — will these guys pony up or pull a "Palffy?"

All of that said — YES — I am happy to see this deal announced. But I am cautiously optimistic. Change can be good — it can be very good. But until there is an honest-to-god track record, lets not elivate these guys to "Diety."

Empire State Building is now owned through a REIT called Empire Realty Trust (ticker esrt) with a bunch of other buildings all owned by Malkin Holdings and the Malkin family. The Malkin family are real greedy sob's. They even had their own private shareholders suing them throughout the IPO process. This particular Malkin is part of that family, but esrt is really his brother's baby. Not sure what any of that means to the Islanders, but I wouldn't count on Malkin's NYC roots to factor into any decisions. He is a pure businessman and a cutthroat one at that (if anything like his brother).

 

[Strummergas]

I believe the lowered fee is in the single digits percentage wise. So cut enough expenses and you nill that number out.

Don't see how the NHL can make life that difficult especially when for all intensive purposes he will only be an investor come 2016, and don't forget about Wangs other venture with the NHL.

Listen you want to trust Wang,again, good luck but Wang is hanging on for two years and if that does not ring alarm bells then you have not been paying attention

I'm not saying I trust him, but I'm also not taking my tinfoil hat in for a refitting either.

 

[Strummergas]

Will they handle PR in a better more professional way?

Will they go crazy and blindly deal away young talent for past prime "names?"

Will they honor the Brooklyn lease or try to move the team?

Will they spend beyond the floor?

- They can't really handle PR any worse. Worst case scenario is that they're equally tight-lipped as Wang is. We're used to that by now.

- The young talent are on their way to becoming "names" themselves. Hopefully any dealings will be for a "missing piece" type of scenario.

- Move the team where? Back to LI? Brooklyn is a big time market and big time exposure for the NHL. The league won't let them move on a whim.

- When you own the Empire State Building, spending even to the cap ceiling is a drop in the bucket.

 

[Words Of Wisdom]

I don't think I ever been happier as an Islander fan.

 

[DieSuperFly]

​

Me sign contract me get team

There ya have it folks, straight from the horses mouth.

 

[Jumptheshark]

24 hours after the sale become official I predict a walk of shame by SEVERAL Wang disciples

 

[herecomesdabus]

what's a 10 million dollar fine?...when you just squeezed an extra 138 million out of the hat?...

 

[The Underboss]

wait, Wangchung retains majority control...why are we happy about this right now?

He's got one foot out to irrelancy.

I thought this was funny..





https://twitter.com/N12jamiestuart

Not going to happen. In our dreams, sure. Reality, nope.

Said it on twitter — ill say it here....

Before celebrating... and not to pee on all of this...

1) The deal can always go sideways and fall apart. It has happened before. Until the deal is signed and completed with an NHL BoG sign-off, Im reserving celebrations...

2) Will Barroway seek an injunction to stop any sale until his lawsuit is handled? How long will that take? Could be years and years and years.

3) Malkin seems to have some deep roots in NYC. Preliminary quick look shows he in on the Board of Directors at the NY Public Library, and he is owner (or his company is the owner) of the Empire State Building. This is all good and I have no issues and it also seems that Ledekey knows a little something about hockey and sports ownership. All good. But until the rubber meets the road and we begin to see these guys in action as owners —*majority owners — its a little premature to jump up-and-down in celebration.

Will they handle PR in a better more professional way?

Will they go crazy and blindly deal away young talent for past prime "names?"

Will they honor the Brooklyn lease or try to move the team?

Will they spend beyond the floor?

Someone said to me that no one can be worse than Charles Wang. Well — either they are too young to remember or are having a little amnesia —*but yes... someone can be worse and in fact someone was worse. Remember the Milsteins and Gang of Four? Remember the Spano fiasco?

Sure —*its unlikely that a Spano could happen again. And there is a floor to deal with now where there wasn't before. But nothing is guaranteed —*and when Tavares' current deal expires and he is seeking $9 or $10 mil per season as an in-his prime consistent 85-90 point producer — will these guys pony up or pull a "Palffy?"

All of that said — YES — I am happy to see this deal announced. But I am cautiously optimistic. Change can be good — it can be very good. But until there is an honest-to-god track record, lets not elivate these guys to "Diety."

You're right nothing is done till it is signed, sealed, delivered.

 

[The Underboss]

what's a 10 million dollar fine?...when you just squeezed an extra 138 million out of the hat?...

The Barroway lawsuit seeks 10 million dollar breakup fee or other things.

 

[herecomesdabus]

The Barroway lawsuit seeks 10 million dollar breakup fee or other things.

Hopefully something would of happened by now....I think I rather have Malkin and his deep pockets over Barroway's chump change...Barroway being a Philadelphia Lawyer is just blowing smoke out of his hind cheeks....

 

[2ndGenIslander]

Still can't believe this is happening, such a better suitor than barroway. I'm so happy and still in shock.

 

[Gobo]

Congrats guys!

 

[carparkno1]

Just waking up to this news in London. Absolutely over the moon.

I work in investment banking and these guys are well known, they have good reputations and my pal is a caps fan who spoke positively of Ledecky's time as an inventory.

People will still write negatives etc (it's the Internet after all) but really, look at what has happened these past few months.

Moving to a state of the art arena.
Increased brand a million times.
Drafted well.
Snow traded well (job on the line clearly lit a fire)
Tavares healthy
Real money behind us. The cap floor is a thing of the past.

I think the Isles future is one of the brightest. Yes there's some uncertainty but imagine if none of this happened.

Drafted Dal Colle.
Bought a couple reclamation.
Still arguing over NVCM

How dire a season and outlook would we have had. Now let's send the barn out with a bang.

 

[simbo042]

Wang is a spitbucket, no question. These two guys can afford the very best legal representation, sports attorney's, to protect their interests (as long as Wang signs the docs.lol). This isn't their first rodeo and I am certain they are fully aware of the corn holing Wang put to Barroway.
It comes down to the seller exercising his options to sell all or just a portion of his holdings, either immediately or over term as it suits him. The buyers can negotiate but if they want the team, they have to comply or walk. They want it, they complied.

Agreed, plus letting Wang hold on for a couple of years may have reduced the asking price as Wang would recover some cash from the Barclays deal. It may also have been necessary to agree to it simply because it differentiated the offer from Barroway's...give Wang more of what he wants to get the first offer kicked into the long grass - even if it does cost $10m to settle with Barroway.

These guys are handling a reluctant seller and they know it, and will have structured the deal accordingly.

Isn't it ironic that Jonathan Ledecky is on the board of Forbes and there are some posters here that blindly swear by their valuations of sports franchises and said no way Wang would get anywhere near 300 million for the Islanders?

I hope this puts an end to the discussion about the accuracy of Forbes valuations.

I've commented on this a few times in the past on this board. Assets of this size are only worth what someone is willing to pay (and what the buyer is willing to accept!). Normally this has the effect of keeping asset values competitive and within an expected corridor, occasionally it doesn't. Ever heard about items at auction going for much more that the expected price? Competition drives up values and sports franchises are by definition a limited commodity.

All this is before you even get into the fun world of trying to value businesses. I studied this as an accountant and believe me you can make an argument for almost any value depending on the perspective you take!

2) Will Barroway seek an injunction to stop any sale until his lawsuit is handled? How long will that take? Could be years and years and years.

...

All of that said — YES — I am happy to see this deal announced. But I am cautiously optimistic. Change can be good — it can be very good. But until there is an honest-to-god track record, lets not elivate these guys to "Diety."

On Barroway, I'm guessing it doesn't even get to court. This has out of court settlement written all over it, especially given the league could lean on Barroway to back off by threatening to nix any forced sale by witholding BOG approval. I can't see it happening...

As for the last section there, I agree with the setiment, but that last sentence made me laugh!

 

[LeapOnOver]

So Garth and Cap have two years left. If they're not on the brink of a Cup by then, the new guys will clean house.

Yeah, was going to say the same thing, Garth is lucky Wang is still a majority owner for the next two years. He's got an opportunity to show what he can do before his job is reevaluated.

 

[lazycop]

Lets just hope some other sports franchise doesn't get sold for like $3 billion before the papers are signed.

Wonder how the players feel about this. Must be good knowing your ownership is going to stabalize very soon. Tempering my enthusiasm somewhat but this could be a perfect storm of an up-and-coming young team with some deep pocketed owners who seem to actually want to improve the hockey product. We shall see. Good day to be an Isles fan, though.

 

[carparkno1]

Great to be an Isles fan and great to be an Isles player. Guys like Halak, Johnson, Grabovski and Kulemin must be feeling positive.

They've seem the new arena, the new owners appear to be rolling in it and there will be momentum this season with a good healthy camp and some noise about the last season in LI with added fan interest.

Couple that with a metro that is wide open and I see a positive outlook. As a player it must impact on them. Yeah the facilities such but a good team on the ice winning games wipes out all negativity.

 

[beach]

Great to be an Isles fan and great to be an Isles player. Guys like Halak, Johnson, Grabovski and Kulemin must be feeling positive.

They've seem the new arena, the new owners appear to be rolling in it and there will be momentum this season with a good healthy camp and some noise about the last season in LI with added fan interest.

Couple that with a metro that is wide open and I see a positive outlook. As a player it must impact on them. Yeah the facilities such but a good team on the ice winning games wipes out all negativity.

I agree. The sun is definitely rising for the Isles. Finally.

 

[stranger34]

Just waking up to this news in London. Absolutely over the moon.

I work in investment banking and these guys are well known, they have good reputations and my pal is a caps fan who spoke positively of Ledecky's time as an inventory.

People will still write negatives etc (it's the Internet after all) but really, look at what has happened these past few months.

Moving to a state of the art arena.
Increased brand a million times.
Drafted well.
Snow traded well (job on the line clearly lit a fire)
Tavares healthy
Real money behind us. The cap floor is a thing of the past.

I think the Isles future is one of the brightest. Yes there's some uncertainty but imagine if none of this happened.

Drafted Dal Colle.
Bought a couple reclamation.
Still arguing over NVCM

How dire a season and outlook would we have had. Now let's send the barn out with a bang.

the arena isn't properly fitted to host hockey, I'm still concerned about JT's knee and everyone else should be as well until we see him back in usual JT form and in what world did snow pull off good trades?

 

[hoser14]

Yeah, was going to say the same thing, Garth is lucky Wang is still a majority owner for the next two years. He's got an opportunity to show what he can do before his job is reevaluated.

The back-up goalie made General Manager can also show what he shouldn't do: like trade a 1st Round pick in a extremely deep draft for a player everyone but Garth Snow knew was only going to sign in Minnesota for an undersized Swedish forward who will most likely play less games for the Isles then Thomas "Vanish" Vanek played for the Habs.

Snow Must GO.....AWAY!

 

[Isles Junkie]

we can also look at Wang remaining for 2 years as a positive this way. The new guys will see what not to do

 

[2ndGenIslander]

http://twitter.com/JAG5624/status/502062312984162304/photo/1

Saw this in Times Square yesterday. Made me happy as hell

 

[carparkno1]

the arena isn't properly fitted to host hockey, I'm still concerned about JT's knee and everyone else should be as well until we see him back in usual JT form and in what world did snow pull off good trades?

JT is healthy, there was a great article from his trainer yesterday. The arena will be fine with a few modifications and Snow traded well on the free agency market. Not technically a trade but the deals he made were pretty great.

He did technically trade for Halak remember.