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Report: New York Islanders owner seeking sale

The embattled franchise could be finding a new owner, as the NY Post reports Charles Wang is in preliminary talks to sell the franchise.

Andy Marlin

New York Islanders owner Charles Wang is in preliminary talks to sell the hockey franchise, according to a report by Josh Kosman of the New York Post.

Per the report, Wang has engaged with talks with The Raine Group, an investment bank in New York, in regards to the possible sale of the team. Kosman notes that a spokesman for the team has stated there is no truth to the report, however.

From Kosman:

Over the last few years, sources said, Wang has quietly let it be known that he is open to selling the National Hockey League team - although no formal sales process was established.

Wang was hoping to sell the team for around $300 million, which some, sources added, thought was unrealistically high.

The Islanders have been mired in financial and attendance woes the past few seasons and now draw just under 13,000 fans per game, although the franchise recently signed a deal to move the team to Barclay's Center in Brooklyn. The move is said to have added enough value to the franchise that perhaps Wang can finally find the sale he has been seeking.