New York Islanders owner Charles Wang is in talks to sell a majority stake in the NHL franchise, according to TSN.
It is estimated the Isles lose approximately $10 million per year. The New York Post reported last year the club has a $75 million loan to pay off at the end of this season.
Wang reportedly tried and failed to sell the team for $300 million in October 2012.
Wang has been the club’s majority stakeholder since 2004. In his nine seasons as owner, the Isles have only made the post-season twice and have not won a playoff round.
The team is set to switch rinks and will move into the recently-built Barclays Center – home of the NBA’s Brooklyn Nets – at the start of the 2015-16 season.
NYI owner Charles Wang in talks to sell majority stake in NHL franchise. Nothing done yet, no telling if it gets done, but talks underway.— Bob McKenzie (@TSNBobMcKenzie) March 28, 2014