Report: New York Islanders Sold For $485 Million

The New York Islanders were sold for $485 million by Charles Wang.

The New York Islanders might actually be having a good year. They’re currently undefeated and they’re being shed of their stingy, money-first owner. While Charles Wang claimed to be leaking money in owning the Islanders, it looks like he’ll get it all back and then some, as his sale price is reported by Forbes to be around $485 million.

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That’s a staggering price for an NHL franchise and a sign of the disparity in value around the league. Consider that the Florida Panthers went to Vincent Viola for just $160 million (enterprising value, which means $160 million came after the clearing of debts).

However, there are a couple of factors at work in the Islanders’ sale. First is the team’s move to Brooklyn next season, where they’ll play in Barclay’s Center. A new arena will add value to the franchise. Additionally, the team is actually good right now. The Islanders have a pretty loyal fanbase whose patience has been pushed to the limit thanks to most of the last twenty years being spent with the team mired by managerial ineptitude (consider that this is the last season Alexei Yashin’s buyout and Rick DiPietro won’t be off the team’s books until 2029).

The team’s sale could be a harbinger of better things to come though and Islanders fans could certainly use the break. Thanks to this staggering sale, a franchise’s fortunes could be headed in a new direction.

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