Report: Wang values Isles at $370 million, offering to sell 75 percent
Charles Wang is offering to sell 75 percent of the New York Islanders, according to a report in SportsBusiness Journal.
Wang has apparently placed a $370 million value on the team, so any buyer will need to come up with $277.5 million to grab three quarters. There’s also a “five-year option on the other 25 percent,” per the SBJ report.
Click on the link for more details -- e.g. the Isles supposedly took in $22 million in ticket revenue this season, which based on total attendance (604,362) works out to around $36 per ticket.
Wang bought the Islanders in 2000 for just under $200 million, but he’s lost many millions more operating the club.
In its most recent valuations, Forbes pegged the Brooklyn-bound Isles’ worth at $195 million.