PrintPrint

Report: Islanders owner Wang in talks to sell majority stakes

TSN.ca Staff

3/28/2014 1:08:05 AM

New York Islanders owner Charles Wang is talking to potential buyers about selling the majority of stakes in the NHL franchise, TSN Hockey Insider Bob McKenzie reported late Thursday night.

The franchise loses an estimated $10 million per season and it has been reported that Wang and the Islanders face a $75 million loan repayment at the end of this season.

Wang has been the Islanders' majority stakeholder since 2004, when he bought out the share of business partner Sanjay Kumar.

In the nine seasons with the team, the Islanders have only advanced to the postseason twice and haven't won a playoff round.

The Islanders are slated to move to the Barclays Center in Brooklyn for the start of the 2015-16 season after Wang wasn't able to cut a deal with Nassau County for a new arena.