Phil Falcone, the minority owner of the Minnesota Wild, is reportedly eyeing an opportunity to get in on the recently-announced sale of the New York Islanders.
Here’s more, from the New York Post:
The beleaguered hedge fund mogul and former Harvard hockey player has been mulling selling his minority ownership in the Wild with the goal of becoming an eventual owner of the Islanders, sources said.
If that happens, Falcone would invest in the Islanders alongside friend and fellow Harvard alum Jon Ledecky, who last month led an investor group that purchased a “substantial” minority stake in the NHL franchise, sources said.
“[Falcone] is thinking about it,” said a source familiar with the situation.
Falcone did not return calls seeking comment.
Earlier this month, the Isles confirmed a change in ownership from Charles Wang to Ledecky, who’d previously been part of the Washington Capitals’ ownership group. The plan calls for Ledecky — along with investor Scott Malkin — to obtain and hold a minority share in the Isles before assuming majority control in two years. It’s assumed Ledecky will require further investors to complete the final transaction, which is where Falcone would come in.
A former professional hockey player — he spent one season in Sweden with Malmo following a four-year career at Harvard — Falcone currently owns a 45 percent skate in the Wild but is believed to be at odds with majority holder Craig Leipold, per The Post. The pair purchased the Wild in 2008, but have reportedly clashed over “how to cover the team’s roughly $20 million annual loss.” The Post also reports that Falcone only attended a handful of Minnesota’s games last season.
In 2013, Falcone was hit with an $18 million fine and two-year ban by the U.S. Securities and Exchange Commission for “manipulating the stock market and improperly borrowing $113 million from his hedge fund to pay his taxes,” per the Pioneer Press.