Charles Wang is in talks to sell the New York Islanders to Philadelphia lawyer Andrew Barroway, according to a report from Larry Brooks and Josh Kosman of the New York Post.
The report says Wang could fetch $225 million for the franchise, with an additional $75 million on the table if the team reaches certain revenue targets.
On Friday, prior to the news about Barroway, Wang issued the following statement regarding the potential sale of the franchise:
“In recent months, there have been numerous expressions of interest in the purchase of the New York Islanders. As I have consistently stated, I have been and remain willing to listen. However, potential buyers expressions of interest in the team or even my listening to them does not mean that any deal will be reached.”
The Islanders were ranked as the NHL’s 26th most valuable franchise with an estimated team value of $195 million, according to a Forbes report from November 2013.
In 2012, Wang signed a 25-year lease to move the team to the Barclays Center in Brooklyn, where the team will call home starting in the 2015-16 season.
Wang joined the Islanders as part owner in 2000 before taking a majority stake in 2004.