Source: Andrew Barroway, Islanders break off talks to buy team

Islanders owner Charles Wang addresses the meida during Islanders owner Charles Wang addresses the meida during a press conference on Oct. 24, 2012 announcing that the Islanders will move from Uniondale to play at Brooklyn's Barclays Center starting in 2015. Photo Credit: AP

advertisement | advertise on newsday

Negotiations to sell the Islanders to Philadelphia-based hedge fund manager Andrew Barroway have ceased, a person familiar with the discussions said Tuesday. Talks with Barroway are not expected to resume, the person said.

There is no indication if other potential buyers have emerged.

advertisement | advertise on newsday

A spokesman for the Islanders said Tuesday nothing had changed since March 28, when owner Charles Wang said there had been "numerous expressions of interest," in the team and that "I have been and remain willing to listen. However, potential buyers' expressions of interest in the team or even my listening to them does not mean that any deal will be reached."

A spokesman for the NHL said it would be up to the Islanders to discuss the status of the franchise's ownership. Previously, commissioner Gary Bettman said considerable interest had been expressed in the team, but Wang had not made a firm decision to sell.

Barroway reportedly had interest in buying the New Jersey Devils in 2013 before backing out due to concerns with the team's finances.

Forbes last November valued the Islanders at $195 million. Wang paid $171.2 million million for the team in 2000 and has said he has lost millions in operating the club.

advertisement | advertise on newsday

Bettman recently said the team's financial situation will improve when it relocates to Brooklyn for the 2015-16 season. The franchise has a 25-year lease to play at Barclays Center.

You also may be interested in: