Looks like the Islanders are done on Long Island. Wang regrets buying team..

[inthebrain]

He's either going to sell them to another city/owner or move them himself. Overall I don't trust this guy anymore than I trust Republican Kate Murray who's the Town of Hempstead Supervisor holding up the Lighthouse Project.

Bettman and Daly are on this and we know all to well how these guys cater to the crooked owners. Bettmen is the guy who brought us John Spano and Milstein/Gluckstern. One of the partial owners of the team before Spano was also recently sent to prison for book cooking. That guy was also approved by Bettmen.
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Report: Islanders owner regrets buying team

MELVILLE, N.Y. (AP)—New York Islanders owner Charles Wang says he regrets buying the money-losing NHL team nine years ago.

“If I had the chance I wouldn’t do it again,” Wang told Newsday.

Citing the team’s annual audited financial reports, Newsday reported Saturday on its Web site that Wang has spent $208.8 million—an average of $23 million per year—to keep the team operating. He also spent $74.2 million when he and Sanjay Kumar bought the club and assumed $97 million in liabilities.

“His numbers are real,” NHL deputy commissioner Bill Daly told Newsday. “Yes, we’re aware the Islanders lose money, a significant amount of money. And it goes back to the team’s need for a new arena.”

Wang said he initially assumed Nassau Coliseum would either be refurbished or replaced within a few years, but his proposed $3.7 billion Lighthouse Project has been held up and is still under review by the Town of Hempstead.

“Never in my life, would I have anticipated this thing could be dragged out for seven, eight years,” said Wang, the founder of Computer Associates.

An NHL-worst 26-47-9 this season, the Islanders will play a preseason game in September in Kansas City, Mo., prompting speculation about a move. Officials in Willets Point in Queens also have expressed interest in the team.

“I’m not saying I’ll move,” Wang said. “I’m saying I’ll explore all my options.”

Wang and Kumar, the former Computer Associates chief executive, bought the Islanders in 2000 for about $190 million. Wang bought out Kumar—serving a 12-year prison term for a $400 million accounting fraud scandal—in 2004.

[MrSlayer]

1. Hard to blame him.

They've screwed him badly by holding up his arena deal.

[inthebrain]

2. I'm really not so big a fan of Wang as owner either

Kate Murray has done her share to fuck this whole thing up.

Wang is using the Islanders to get himseld a 100 acre multi billion dollar real estate deal as well. He's kinda bein prick abusing the passion of Islanders fans to line his pockets.

The whole thing from top to bottom stinks.

[Forkboy]

3. And yet Bettman said not even a week ago that there would be no teams moving any time soon.

Gary, Gary, Gary....

[Captain Hilts]

4. They had a huge fan base, now they're in a shitty arena with a shitty team. Sad. nt

[inthebrain]

5. They still do have a very big fan base

The owner claims he doesn't make money off the concessions and parking due to the lease with SMG.

He does have a 400 mill cable deal with Viacom and gets to use the team as a tax shelter.

The fan base is still big. THey sold out 85% of capacity this season with the leagues worst record. The tickets average 50$ apiece.