Charles Wang

Wang sells Isles to ex-Caps owner Ledecky

41 Comments

Huge news from Long Island on Tuesday — per Newsday, Islanders owner Charles Wang has agreed to sell the team to a familiar face in NHL circles:

Ledecky is best known as the former minority owner in Washington. In 2001, he sold his 24 percent share in the team to current owner Ted Leonsis which, according to the Washington Times, would allow Ledecky to pursue buying another sports franchise:

Leonsis and Ledecky did not disclose a price for the transaction, but Ledecky, a well-known District entrepreneur, said he made a “healthy, 10-figure profit” on the $58 million he invested in May 1999.

Ledecky is now free to pursue a pro sports team of his own, as has been his long-stated ambition. He unsuccessfully sought interests in the Los Angeles Dodgers and Cincinnati Reds before purchasing the Caps from [Abe] Pollin two years ago, and last fall he came close to buying the Montreal Canadiens.

As for Wang, this move would end his lengthy, contentious ownership of the Isles. Reports have been surfacing for months about his desire to sell the team, this after the failed Lighthouse Project and mounting financial losses. The 69-year-old became part-owner of the Isles in 2000, then assumed majority control in 2004 after buying out partner Sanjay Kumar.  The team has struggled both on the ice and financially since Wang’s been aboard, making the playoffs just two times while reportedly losing an estimated $10 million per season.

As mentioned, Wang also spearheaded the now-defunct Lighthouse Project — a proposal to transform the Nassau Coliseum and surrounding area into a modern suburban locale — which was voted down in 2011, two years after Wang said he regretted buying the Isles in the first place.

“If I had the chance I wouldn’t do it again,” Wang told Newsday at the time. “Never in my life, would I have anticipated this thing [Lighthouse Project] could be dragged out for seven, eight years.”

Should the sale to Ledecky and Malkin be approved by the NHL’s Board of Governors, it’ll mark a change in ownership just one year before the Isles leave Long Island and relocate to Brooklyn, where they’ll play at the Barclays Center beginning in 2015-16.

UPDATE: The Isles have addressed and confirmed the transaction, courtesy this statement…

A group led by former Washington Capitals co-owner Jon Ledecky and London based investor Scott Malkin has reached a definitive agreement, subject to NHL approval, to purchase a substantial minority interest in the team. Under the terms of the agreement, Charles Wang will continue as majority shareholder and Governor of the Islanders, with the Ledecky/Malkin group transitioning to majority owner in two years.

“We are pleased to have the opportunity to become partners in the New York Islanders with Charles, and to pursue our shared dream of winning a fifth Stanley Cup for the greatest fans in the NHL,” Mr. Ledecky said.

“I’m thrilled that Jon and Scott have agreed to join me as we start the Islanders’ final year at Nassau Veterans Memorial Coliseum,” Mr. Wang said. “I look forward to a long and successful partnership.”

 

Related

Report: Wang ‘furious’ over report he’s exploring sale of Isles

Wang being sued for $10 million for not selling Islanders

Report: Avalanche bring Rene Bourque in for a PTO

NEWARK, NJ - OCTOBER 27: Rene Bourque #18 of the Columbus Blue Jackets skates against the New Jersey Devils at the Prudential Center on October 27, 2015 in Newark, New Jersey.  (Photo by Bruce Bennett/Getty Images)
Leave a comment

After announcing the hiring of Jared Bednar as their next head coach, the Colorado Avalanche have brought in forward Rene Bourque on a professional tryout, according to James Mirtle of the Globe and Mail.

Bourque became an unrestricted free agent at the beginning of July, after his six-year contract worth a total value of $20 million expired. The annual cap hit on his previous deal was $3.333 million.

He spent last season with the Columbus Blue Jackets, scoring three goals and eight points in 49 games. He was placed on waivers at the end of February.

During the 2014-15 campaign, he spent time with the Montreal Canadiens, Anaheim Ducks and the Blue Jackets, before a back injury sidelined him for the remainder of that season.

Panthers need to keep Luongo rested and refreshed after offseason hip surgery

Florida Panthers goalie Roberto Luongo (1) reacts after New York Islanders Thomas Hickey scored the game-winning goal during overtime in Game 3 of an NHL hockey first-round Stanley Cup playoff series, Sunday, April 17, 2016, in New York. The Islanders won 4-3. (AP Photo/Adam Hunger)
AP Photo
Leave a comment

This post is part of Florida Panthers day at PHT…

Florida Panthers goalie Roberto Luongo has provided an encouraging update on his comeback from offseason surgery.

At the age of 37 and with 926 regular season games under his belt, Luongo had hip surgery earlier this summer. There was discussion at the time that he might not be ready for the beginning of the regular season in October, but it appears there is reason for optimism with his rehab.

The Panthers open the season at home against the New Jersey Devils on Oct. 13.

“I started skating Aug. 5 and there has been slow progression but we’ve ramped it up here the past week or so and it has been good,” Luongo told George Richards of the Miami Herald.

“I’m not 100 percent; it’s a five month rehab. But I’m feeling better than I thought I would. I thought it would be a slower progression, especially on the ice. It has gone fairly quickly and I’m happy about that. If the season were to start tomorrow, I probably wouldn’t be able to go. But I feel good where I’m at and I’m excited about it.”

Because of Luongo’s age — he’ll celebrate his 38th birthday next April, just before the playoffs begin — the Panthers made a prudent move in free agency by signing James Reimer to a five-year deal, worth a total value of $17 million.

To add further depth at the goalie position, the Panthers also brought in Reto Berra.

The Panthers, at least based on what GM Tom Rowe has said, are in no rush to bring Luongo back until he’s ready.

“Everything will be determined by how Lou gets through the offseason with his rehabilitation. Right now, it’s going really well. We’ll take it one day at a time. We don’t want to rush him back. We want him to come back on his schedule and just make sure we’re doing everything the right way,” said Rowe in July.

Signing Reimer is a move for the future, both long and short term.

He could, this season, take a considerable amount of games as a reliable No. 2, which could help keep Luongo’s energy levels up. And that should be very beneficial for the Panthers, considering Luongo still had a very good season as one of the oldest starters in the league.

Last season, Luongo appeared in 62 regular season games for the Panthers. He posted strong numbers, with a .922 save percentage. He followed that up in the post-season with a .934 save percentage in six games.

He saw plenty of playing time, more than 3,600 minutes. He faced more than 1,800 shots. It all took a toll, as he expressed fatigue in the playoffs.

The expectation is the Panthers make it back to the post-season, perhaps do some damage, too.

Having a rested and refreshed Luongo in goal would certainly help their cause.

‘He doesn’t seem to get rattled’: Blues officially name Alex Pietrangelo team captain

St. Louis Blues' Alex Pietrangelo (27) skates against the Chicago Blackhawks' in an NHL hockey game Wednesday, Oct. 9, 2013, in St. Louis. (AP Photo/Bill Boyce)
AP Photo
Leave a comment

The news leaked a day early, but on Thursday the St. Louis Blues made it official: Alex Pietrangelo is the 21st captain in the club’s history.

Selected fourth overall in 2008, Pietrangelo has played 459 games for the Blues, with 51 goals and 255 points in that span. He takes over the ‘C’ from David Backes, who signed with the Boston Bruins as a free agent this summer, following the Blues’ run to the Western Conference Final.

“Watching him perform when the game is on the line, he doesn’t seem to get rattled,” said Blues GM Doug Armstrong of Pietrangelo, as per the club’s website.

“As the captain, you have to answer questions, the tough questions when games are over. I really like his personality, his demeanor to his teammates, to the coaching staff and to the media. He’s someone that has the respect of everyone.”

In an interview with the St. Louis Post-Dispatch at the end of July, Pietrangelo praised Backes for the impact he had on the young defenseman as he was developing with the Blues.

“I think being so close with Dave over the five years he was captain, I’ve learned a lot from him just kind of sitting back and seeing how he operates on a daily basis,” said Pietrangelo.

“Not only on the ice but off the ice, which is a big part of it trying to keep the locker room together and doing the off-ice stuff.”

The Blues also announced that Alexander Steen, Paul Stastny, Vladimir Tarasenko and Kevin Shattenkirk were named as assistant captains.

Coyotes GM: Bolland ‘won’t be ready to play for the foreseeable future’ due to injury

Ottawa Senators v Florida Panthers
Getty Images
4 Comments

Arizona Coyotes fans anticipating Dave Bolland‘s debut for his new team will have to wait, and a long time, too, by the sounds of it.

On Thursday, the Florida Panthers traded the 30-year-old Bolland and prospect Lawson Crouse to the Coyotes in exchange for draft picks. Bolland, who has an annual cap hit of $5.5 million, played in only 25 games last season, scoring once with five points.

The move frees up plenty of cap space for the Panthers, while the Coyotes did well to pick up a young forward in Crouse, a former first-round pick who has yet to play in the NHL.

However, at the moment, Bolland is dealing with an injury that could keep him out of any lineup for quite a while. Perhaps the entire season. Taking on Bolland’s salary was a “necessary component” in completing the deal, said Coyotes GM John Chayka.

Last season, Bolland was a healthy scratch on numerous occasions, which could be frustrating for any player or any organization, but he was locked into a massive five-year, $27.5 million contract.

And that massive contract, or Florida’s desire to move it along, has cost the Panthers a prospect forward.