An agreement was in place for the New York Islanders to be sold to NY ICE, but current owner Charles Wang backed out and reportedly sold the team to different buyers. Now the corporation that attempted to acquire the NHL franchise is filing a lawsuit against Wang.
Barbara Ross and Pat Leonard of the New York Daily News reported Monday that NY ICE's Andrew Barroway is suing Wang for $10 million for the $420 million deal that was agreed upon and then denounced by Wang. The report outlined the complete stipulations of the agreement, along with why Wang allegedly reneged:
"Wang was having seller's remorse," the court papers say, "because he believed he had agreed to sell the Islanders for a price too low after hearing the unrelated news that a $2 billion bid was place to purchase" the Clippers.
"The failure to follow through with the sale has caused NY Ice irreparable harm" and if the deal can’t go forward, the firm says in court papers, "NY ICE is entitled to the $10 million 'break up' fee to which the parties agreed" or to be reimbursed for its costs and losses.
The deal negotia ...
Read Full Article at Bleacher Report - NHL
Article written by Matt Fitzgerald
Islanders Owner Charles Wang Sued for Allegedly Backing out of Deal to Sell Team
August 11th, 2014 by Matt Fitzgerald Leave a reply »
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