New York Daily News - New York Islanders owner Charles Wang was clocked with a $10 million lawsuit Monday by suitor Andrew Barroway for backing out of their deal to make a trade for $420 million. In papers filed in Manhattan Supreme Court, Barroway’s corporation, NY ICE claims the parties “shook their hands on an agreement” and NY Ice started to line up NHL approval and financing. However, Wang “without notice, 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” in March. In midsummer, according to court papers, Wang demanded $548 million for the team. When Barroway refused, Wang notified him on Aug. 1 that he had sold the team to other bidders. Court papers blame the aborted deal on Wang’s “greed” which they said was inspired by the sputtering bid by Steve Ballmer to buy the Los Angeles Clippers basketball team for $2 billion.
Wang has done it again!
Finally sell the team to a longtime interested party in Andrew Barroway, have the papers written up and handed in and all, then realize you want more money for a team that is already being sold for a fair market price, back-out and screw it all up.
I completely understand wanting to squeeze as much money as you can out of a sale of this proportion, but you CAN NOT let the sale of the Clippers be your supporting cause. The NBA is 20x more marketable than the NHL, Los Angeles is 20x more behind the Clippers, who happen to be a GREAT team at the moment, and, oh yeah, have nothing to do with you or the sport of hockey.
Ridiculous really. I'm not writing this out of a place of hate for Wang, but seeing him as a business man, who makes such a decision as stupid as this one?
It's like ordering a custom jersey, having it shipped next day-air, and then telling the delivery man you changed your mind. The money was there, the papers were in, the team was sold. Great going Chuck.
Only good coming from this is the idea that the team was, in theory, sold. However long that was for. Hopefully this can be hashed out and the deal can be finalized, but who knows with this man at the helm.
I gave you outs Charles, but you are a terrible businessman.
PS - here's blood on your hands too Ballmer.
PPS - Not really, but Islander fans love throwing the blame around, so why not?