Charles Wang

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.

Related: Additional suitors for Isles emerge, per report

Report: Kings, Richards nearing settlement

Mike Richards
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The Los Angeles Kings and Mike Richards may be nearing a settlement in their dispute over Richards’ terminated contract, TSN’s Bob McKenzie is reporting.

You can read the report for all the details, but we’re sure curious about this part:

If a settlement is reached, there’s no word yet on what salary cap penalties the Kings would still face. There’s bound to be something, but not likely as onerous as the full value of Richards’ contract, which carries with it a cap hit of $5.75 million. If there’s a settlement, Richards would undoubtedly become a free agent though there’s no telling at this point what monies he would be entitled to from the Kings in a settlement.

The issue here is precedent, and what this case could set. The NHL and NHLPA can’t allow teams to escape onerous contracts through a back door, and many are adamant that that’s what the Kings were attempting to do in Richards’ case.

Bettman to players: Don’t screw up ‘once-in-a-lifetime opportunity’ with drugs

Gary Bettman
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The NHL wants to take an educational approach — not a punitive one — to deter its players from using illicit drugs like cocaine.

“My interest is not to go around punishing people,” Bettman told Sportsnet today.

“My interest is getting players to understand the consequences of doing something that could jeopardize this great, once-in-a-lifetime opportunity that they’ve been given, to play in the NHL.”

While some players have expressed surprise at hearing that cocaine use is growing, the anecdotal evidence of substance abuse has been very much in the news, from Jarret Stoll‘s arrest to Mike Richards’ arrest to, more recently, Zack Kassian‘s placement in the NHL/NHLPA’s treatment program.

“We don’t have the unilateral right to do things here. We need the consent of the Players’ Association,” Bettman said. “It’s not about punishment. It’s about making sure we get it to stop.”

Related: Cocaine in the NHL: A concern, but not a crisis?