SBJ: Islanders Valued at $370 Million, Barroway Seeking $30-50 More in Financing

Philadelphia lawyer and hedge fund artist Andrew Barroway is continuing his pursuit of the New York Islanders, according to the Sports Business Journal.

Citing financial industry and NHL sources, SBJ writer Chris Botta reports that owner Charles Wang has valued the entire team at around $370 million, which means Barroway still has a ways to go before pulling off a bid for a stake in the team:

The group is seeking to raise another $30 million to $50 million in order to complete the deal.

One alternative to the original quest for a majority stake: buying "between 30 and 49 percent" to start off with, before increasing the Barroway group's stake over time.

Barroway previously bid unsuccessfully on the NBA's Philadelphia 76ers and the NHL's New Jersey Devils, so this quest is by no means a sure thing. Further, Wang has another year before the franchise moves to a new arena in Brooklyn -- and presumably becomes profitable -- which is ample time for other interested bidders to knock on his door.

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