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."