Andrew Barroway drops lawsuit against Islanders owner Charles Wang

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.