New York Islanders owner sued over team sale
By Cory Buck
New York Islanders owner Charles Wang is being sued over an alleged verbal agreement from which he backed out of to sell his NHL franchise to hedge-fund manager Andrew Barroway out of Philadelphia. After the two reportedly came to a tentative agreement, Wang backed out upon hearing of the sale of the NBA’s Los Angeles Clippers, only to return to Barroway with a higher offer. Instead of accepting, Barroway took the dispute to the courts.
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Barbara Ross at the New York Daily News writes, “In papers filed in Manhattan Supreme Court, Barroway’s corporation blames Wang’s ‘about-face’ on a whimsical case of ‘seller’s remorse’ directly influenced by the ‘unrelated news’ of former Microsoft CEO Steve Ballmer’s $2 billion bid to buy the NBA’s Clippers from Donald Sterling, the team’s embattled, soon-to-be-former owner.”
"“Wang, whose greed was further stoked by the Ballmer bid, … set on a course of bad faith conduct to improperly renege on the agreement and eventually blind-side NY ICE with a substantially-increased price demand,” the lawsuit states."
If Barroway wins the suit, Wang will owe him a $10 million ‘break-up fee’ as the two parties allegedly agreed to in their initial talks.