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Andrew Barroway drops lawsuit against Islanders owner Charles Wang

New York Islanders owner Charles Wang speaks to

New York Islanders owner Charles Wang speaks to the media on May 26, 2011. Credit: Jim McIsaac

Philadelphia hedge fund manager Andrew Barroway has dropped his lawsuit that accused Islanders owner Charles Wang of backing out of a deal to sell him the team for $420 million, according to a court filing Friday. No reason was given in the papers.

Barroway sued the Islanders' owner on Aug. 11 in an attempt to either enforce the terms of a purchase agreement that was drawn up -- but not signed -- in March or award him a "breakup fee" of $10 million. Barroway attorney Simon Miller did not immediately respond to a message seeking comment. The Islanders did not return calls seeking comment.

Barroway reportedly is seeking a major ownership stake in the Phoenix Coyotes.

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