New York Islanders Sale Talks: Unidentified group pursuing majority stake

A seller but still a partner? - Bruce Bennett

On CBC's "Hot Stove," more smoke about a group trying to compile a bid for a majority stake which would keep Charles Wang as part owner.

The initial reports about talks about a potential sale of the New York Islanders said a majority stake was in play -- meaning Charles Wang would not be giving up the entire franchise.

What exactly does that mean, and how could it play out?

On CBC's "Hot Stove" segment over the weekend after the reports, Elliotte Friedman said he believes a group is trying to put a bid together for something like 75 percent of the team. The same rough valuations -- a ballpark of $300 million for that stake -- were floated, but Friedman could not confirm the identity of the bidding group's leader, so he did not disclose the identity on the air.

From the sounds of it, this is indeed Charles Wang "listening" to offers per his team statement, rather than him drifting through the bazaar hawking a sale.

Meanwhile, Newsday's Arthur Staple reported there is nothing to the Canadian radio speculation that the league is trying to force Wang out for some reason. As Staple notes, the NHL's partnership with Wang goes back a long time and extends well beyond a single franchise.

Watch CBC's Hot Stove segment here:


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