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by Paul on 05/02/09 at 10:17 PM ET
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from Jim Baumbach of Newsday,
Still, Wang says he is proud that he was able to save the Islanders from leaving Long Island nine years ago, and that it was important to him that the Island’s only professional sports team got a legitimate shot to succeed. Before Wang’s purchase of the team, many area public figures asked him to step in - an action that the financial documents show has cost him close to $300 million.
“I knew going in,” Wang said, “that I was going to lose money.”
National Hockey League Commissioner William Daly said the league is aware of Wang’s losses on the team. “His numbers are real,” Daly said. “Yes, we’re aware the Islanders lose money, a significant amount of money. And it goes back to the team’s need for a new arena.”
more on Wang and the Lighhouse project…
Filed in: NHL Teams, New York Islanders, NHL Talk | KK Hockey | Permalink
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“And it goes back to the team’s need for a new arena.”
Yep, that new arena sure helped that team down in Arizona.
Posted by UMFan from Colorado on 05/02/09 at 10:49 PM ET
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I wonder whether those losses included both buying out Kumar and paying the feds for making several of the same mistakes that put Kumar in jail…
Posted by George Malik from South Lyon, MI on 05/02/09 at 10:42 PM ET