Wang Hit With Ten Million Dollar Lawsuit By Andrew Barroway For Backing Out Of Sale's Agreement Per Court Documents

New York Islander Fan Central | 8/11/2014 05:15:00 PM | |
Updated 8/12/14:
courts.state.ny.us: Lawsuit pfd file in full 

Updated 8/11/14-10:50pm:
Cablevision which owns Msg/Newsday has published the Barroway Lawsuit which includes e-mails between team officials about a completed sale in a 95 page document.
 
NY Daily News released quotes in a lawsuit by Andrew Barroway in court documents against Charles Wang that he backed out of a sales agreement along with other allegations.

The NHL considers this a private matter, does that mean it's not their business eventually? 

NYIFC Comments:
I'm reading this information so updating as I go. 

The lease at Barclay's is binding on new owner. 

1-Barroway wants the team regardless of lawsuit at the agreed to price.
2-The lease terms per court documents are binding at Barclay's Center.
3-The agreement included the sale of the Bridgeport Sound Tigers.
4-The 2010 sublease is still in effect.

5-The documents claim the team owns the parking lot, that is not correct. No mention is made of the Marriott or connecting abatement. 

NHL/private matter=no binding agreement for them at this time.

Now we know that an Andrew Barroway does exist given nothing but his total silence to date, and quietly formed a company called NY Ice.

Bottom line what Mr Barroway claims/alleges in court documents is only one side of the story so we have to see where this goes next if anywhere at all.

As for Charles Wang he has every legal right to make every penny he can from a potential sale unless he made a binding legal agreement to sell. 

No shock the NY Daily News (via Ranger salesman) which rarely covers occasional home games of course is writing the story. This is the only kind of story fringe outlets assign a writer to cover about the New York Islanders anymore. Not Tavares/players/prospects or games.

Jeff Vanderbeek got the Devils some negative press too for not having money so he had to sell, a lot more coverage than their teams games receive also. 

Mr Barroway has a history of not purchasing teams he enters negotiations with for what little that's worth here.

Not taking sides but if Barroway wants the team and had an agreement, demand the team immediately, and speak outright of your plans as the new owner.

Note/Updated-Agreement contained a confidentially clause where neither side can discuss anything so Barroway/Wang cannot speak to anyone.

Howard Dolgon spoke daily on the record for a third party daily but with no agreement.

Charles Wang either eliminates this distraction or he finds a buyer to replace him as owner, it's hardly a  shock his time as owner is winding down, it's something that's been expected for a few years.

This is not something the franchise needs entering it's final season at the Coliseum in this manner.

2 comments:

  1. On Twitter you said "As long as the lease at Barclay's is binding on everyone and no one checks have bounced since Spano, nothing to see here." - What does a binding lease at Barclay's have to do with the lawsuit??

    ReplyDelete
  2. Thanks.

    As I wrote this post would be updated with more information which included the sales agreement at Barclay's so I included it with other things not related to the lawsuit.

    What I wrote on twitter is true, someone will own this team who has the financial resources to operate it so in effect does it really matter who owns the team?

    Hope that explains.
    Thanks

    ReplyDelete

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