New York Islanders owner Charles Wang has been served with a $10 million lawsuit on Monday by Andrew Barroway for failing to sell his team to Barroway's NY ICE corporation for $420 million, reports The New York Daily News.
According to papers filed at Manhattan Supreme Court, Barroway had a "handshake agreement" with Wang for the sale of the team to NY ICE in March and the company had already began to look for financing and NHL approval.
Barroway claims that "without notice, [Wang] abruptly refused to proceed to close the transaction and honor the terms of their 70-page purchase agreement, but instead improperly sought to renegotiate the already agreed upon price" and demanded an increased figure of $548 million by midway through the summer.
The suit alleges that Wang experienced "seller's remorse" after seeing the sum of money that Donald Sterling was to receive for the sale of the Los Angeles Clippers. On August 1st, Wang informed NY ICE of his intentions to sell the team to another party.
Barroway's papers claim that "NY ICE is entitled to the $10 million 'break up' fee to which the parties agreed," or to at least be reimbursed for all costs involved.
The Islanders released no comment on the matter.