Islanders owner Charles Wang is being sued for reneging on the sale of his NHL franchise and accused of allowing “greed” motivated by an “unrelated,” more lucrative bid for the NBA’s Los Angeles Clippers to compromise the deal. Wang was whacked on Monday with a $10 million lawsuit from Philadelphia-based hedge-fund manager Andrew Barroway and his company, NY ICE, for backing out last-minute on the corporation’s agreement to purchase the Isles for $420 million. 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. Sterling recently lost his attempt to block the sale to Ballmer. In Wang’s case, proceedings are just getting started. NY ICE’s lawsuit claims the parties "shook their hands on an agreement" and NY ICE started to line up NHL approval and financing for the $450 million price agreed upon in March. However, Wang "without notice, abruptly refused to proceed to close the transaction and honor the terms of their 70-page purchase agreement and instead "improperly sought to renegotiate the already agreed upon price." Beginning with an in-person meeting in New York on June 10, the lawsuit alleges Wang made his first of several references giving “thanks to Steve Ballmer.” Then the suit states that in a July 16 meeting, again in New York, Wang “blind-sided Barroway by demanding $548 million” to buy the Islanders.
Islanders owner Charles Wang hit with $10 million lawsuit for backing out of deal to sell team
New York Daily News | Aug 12