Monday, August 3, 2015

Main Line investor may pay $225M+ for NHL Islanders: report

Barroway looked at the NJ Devils last year

Main Line investor may pay $225M+ for NHL Islanders: report

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The Islanders´ Anders Lee (27) celebrates a goal during the third period of an NHL hockey game against the Toronto Maple Leafs Thursday, Feb. 27, 2014, in Uniondale, N.Y. The Islanders won the game 5-4 in overtime. (Frank Franklin II/AP)
The Islanders' Anders Lee (27) celebrates a goal during the third period of an NHL hockey game against the Toronto Maple Leafs Thursday, Feb. 27, 2014, in Uniondale, N.Y. The Islanders won the game 5-4 in overtime. (Frank Franklin II/AP)

New York Islanders owner "Charles Wang is in talks to sell the money-losing NHL franchise to Philadelphia lawyer Andrew Barroway for $225 million, plus another $75 million if the Islanders hit certain revenue targets," reports the New York Post here.   Barroway earlier had headed a group that looked into buying the rival NJ Devils last year, reported the Star-Ledger here.

Barroway, a Rutgers and Penn Law grad, spent most of the 1990s and 2000s at the class-action litigation firm formerly know as Barroway, Topaz, Kessler, Meltzer & Check, LLP, King of Prussia, before joining Merion Investment Management LP (corrected), a buyout investment firm.  He didn't immediately respond to inquiries.

"There has been limited interest in a team that lost more than $10 million in a single season and has among the lowest attendance in the league," the Post noted. "But this time could be different because of a revenue guarantee from Barclays Center, where the Islanders are set to start playing in 2015. In October 2012, the Islanders inked a long-term deal to move the team from Nassau County to Brooklyn."

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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