Islanders owner faces lawsuit for backing out of sale agreement

Islanders owner Charles Wang faces a $10 million lawsuit after allegedly backing out of an agreement to sell the team, according to the New York Daily News.

Islanders owner Charles Wang faces a $10 million lawsuit after allegedly backing out of an agreement to sell the team, according to the New York Daily News.

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According to papers filed in a Manhattan court and obtained by the Daily News, potential buyer Andrew Barroway is suing Wang for $10 million, saying that Wang went back on a handshake agreement the two men made in March.

Wang and Barroway had allegedly agreed to a $420 million sale price, but Wang is said to have backed out after hearing of Steve Ballmer's $2 billion bid for the Los Angeles Clippers.

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Under terms of the deal, according to the filing, Barroway's corporation, NY ICE, would have 100 percent of the equity in the Islanders, while Wang's corporations would have received a 25 percent interest in NY ICE.

New York will play its final season at Nassau Coliseum in 2014–15. They following year they will take up residency at Barclays Center in Brooklyn.

- Dan Gartland