If there's a 70 page Document that is signed by both parties about the oral contract. .. isn't Wang basically poop out of luck?
- Dedshark

I would think so, provided Barroway met the terms of that purchase agreement himself.

I would think so, provided Barroway met the terms of that purchase agreement himself.
- Jethro09

I don't think they can force Wang to go through with the deal but Barroway will probably get the $10 million in damages. Basically, if he proves that he was led to believe a deal was imminent and then proceeded to spend a significant amount of money in preparation of the deal (for example, he already hired a marketing company to start drafting marketing strategies for the move to Brooklyn, or he spent a lot of money on plane tickets and hotels traveling the country to conduct presentations to potential investors, or if he passed up on another lucrative opportunity in order to focus on the Islanders, etc.) he could get all that back plus extra to cover the legal fees and "damages" which is basically just extra money in his pocket that he gets for going through all the trouble.

I don't think they can force Wang to go through with the deal but Barroway will probably get the $10 million in damages. Basically, if he proves that he was led to believe a deal was imminent and then proceeded to spend a significant amount of money in preparation of the deal (for example, he already hired a marketing company to start drafting marketing strategies for the move to Brooklyn, or he spent a lot of money on plane tickets and hotels traveling the country to conduct presentations to potential investors, or if he passed up on another lucrative opportunity in order to focus on the Islanders, etc.) he could get all that back plus extra to cover the legal fees and "damages" which is basically just extra money in his pocket that he gets for going through all the trouble.
- rangerdanger94

How do we rationalize making Sterling sell his team for basically making ignorant comments, yet if Wang signed a 70 page document in good faith, there's no threat of a forced sale?

I cannot wrap my head around this one.

How do we rationalize making Sterling sell his team for basically making ignorant comments, yet if Wang signed a 70 page document in good faith, there's no threat of a forced sale?

I cannot wrap my head around this one.
- kindlyrick

Two words: public backlash. The Clipper sale was ultimately driven by the public response to Sterling's racially driven comments. The NBA got behind the movement to force Sterling from the game because if it didnt, the public backlash would have been bad for the NBA. Here, the NHL is taking the opposite approach and staying out of it. There wont be a significant public backlash (except from isles fans who want Wang out) towards a wealthy multi millionaire reneging on an agreement to sell his team to another multi millionaire.

Two words: public backlash. The Clipper sale was ultimately driven by the public response to Sterling's racially driven comments. The NBA got behind the movement to force Sterling from the game because if it didnt, the public backlash would have been bad for the NBA. Here, the NHL is taking the opposite approach and staying out of it. There wont be a significant public backlash (except from isles fans who want Wang out) towards a wealthy multi millionaire reneging on an agreement to sell his team to another multi millionaire.
- Jethro09

public backlash or not......legally, anyone is protected under the constitution to speak their mind, ignorant or not. It amazes me that the NHL is "staying out of it"

public backlash or not......legally, anyone is protected under the constitution to speak their mind, ignorant or not. It amazes me that the NHL is "staying out of it"
- kindlyrick

Legally, you're right. But from a business perspective, the NBA doesn't want the perception that its soft on or worse, tolerant of, racial insensitivity. It will negatively affect the bottom-line through sponsorships, cable deals, etc. That's why the NBA spear-headed the effort to remove Sterling. Wang backing out of the deal with Barroway doesn't affect the NHL business at all. Since it won't have a negative affect on the bottom line, the NHL just assumes to stay out of it and let the parties go to Court and have the Court resolve it.

Personally, I would think that the NHL, and Bettman in particular, would want this resolved ASAP since it was the NHL and Bettman who have supported CW throughout his ownership of the team and to my understanding put Wang and Barroway together when Wang went to the NHL to ask for assistance in selling the team.

public backlash or not......legally, anyone is protected under the constitution to speak their mind, ignorant or not. It amazes me that the NHL is "staying out of it"
- kindlyrick

thats why hes being sued for $10 million...you cant force the guy to sell...if he needs to sell in order to cough up the $10 million thats a different story but this isnt a barter system. what you feel is the correct penalty is so arbitrary and filled with personal preferences.

and whose to say the NHL isnt involved? this story just broke a few days ago...like everything else you see whats happening in this second and assume it will remain a constant. let the thing play out for christs sake.

also if nothing else, the take away from this entire soap opera is that at the end of the day it is clear that wang IS looking to sell. we MAY have a new owner in the near future.

thats why hes being sued for $10 million...you cant force the guy to sell...if he needs to sell in order to cough up the $10 million thats a different story but this isnt a barter system. what you feel is the correct penalty is so arbitrary and filled with personal preferences.

and whose to say the NHL isnt involved? this story just broke a few days ago...like everything else you see whats happening in this second and assume it will remain a constant. let the thing play out for christs sake.

also if nothing else, the take away from this entire soap opera is that at the end of the day it is clear that wang IS looking to sell. we MAY have a new owner in the near future.
- LetsGoIsles

Nothing with Wang is clear. The guy is a loon. Even if he is willing to sell he may price out any buyers. If anything I think the latest BS shows he's not willing to sell.

thats why hes being sued for $10 million...you cant force the guy to sell...if he needs to sell in order to cough up the $10 million thats a different story but this isnt a barter system. what you feel is the correct penalty is so arbitrary and filled with personal preferences.

and whose to say the NHL isnt involved? this story just broke a few days ago...like everything else you see whats happening in this second and assume it will remain a constant. let the thing play out for christs sake.

also if nothing else, the take away from this entire soap opera is that at the end of the day it is clear that wang IS looking to sell. we MAY have a new owner in the near future.
- LetsGoIsles

I'm going off reading something the other day saying "the NHL declined comment" and are staying out of it because its a private matter between the two.

I'm going off reading something the other day saying "the NHL declined comment" and are staying out of it because its a private matter between the two.
- kindlyrick

i assume these is your own opinion considering you didnt quote this part??

declining comment and not getting involved are two totally separate things.

Nothing with Wang is clear. The guy is a loon. Even if he is willing to sell he may price out any buyers. If anything I think the latest BS shows he's not willing to sell.
- JimmyP

Who knows what's on his mind. You're right in that nothing is ever clear with this guy. Who wants to do business with someone who gives you his word then goes back on it? Legal or not legal, that's just poor form.

My guess is this is settled out of court. Wang pays the man before a trial and we never hear about this again.

My guess is this is settled out of court. Wang pays the man before a trial and we never hear about this again.
- Dgmilazz

Well he's also suing him for the right to buy the team the agreed upon price of $420M, so I doubt it will be that simple.

Wang backed out b/c he did not want new owner to come in and dismantle his rebuild that took 5 years to get to this point. He and Snow believe with the young LARGE defensive prospects fighting for a spot this year and REAL goalie depth on the team.. ALONG with the addition of 2 decent NHL forwards that this team is a LOT better than most percieve. To sell now and have Barroway imediately hire a new GM who would have to make an imediate splash... would be a big mistake in their opinion. the one thing Snow has done well is Not Panic and trade prospects. It has paid off in cases like Okposo and will pay off more with Storme, nelson, Lee, etc. The Wang and crew really believe this team is going to surprise everyone this year...

I happen to agree with them.. but I am koolaide guy.. Oh Yeah.

Wang will sell after this season.

Wang backed out b/c he did not want new owner to come in and dismantle his rebuild that took 5 years to get to this point. He and Snow believe with the young LARGE defensive prospects fighting for a spot this year and REAL goalie depth on the team.. ALONG with the addition of 2 decent NHL forwards that this team is a LOT better than most percieve. To sell now and have Barroway imediately hire a new GM who would have to make an imediate splash... would be a big mistake in their opinion. the one thing Snow has done well is Not Panic and trade prospects. It has paid off in cases like Okposo and will pay off more with Storme, nelson, Lee, etc. The Wang and crew really believe this team is going to surprise everyone this year...

I happen to agree with them.. but I am koolaide guy.. Oh Yeah.
- niteislander

The man just loves the Islanders too much. Please everyone, say a prayer for Charles Wang.

The man just loves the Islanders too much. Please everyone, say a prayer for Charles Wang.
- UIF

He has about 4 Catholic schools he saved already praying for him everyday.

http://www.mlive.com/news...ease_video_of_u-m_wi.html

supposedly an NHL player was there right before this happened. I wonder who?

He has about 4 Catholic schools he saved already praying for him everyday.
- niteislander

A true saint. Add the prayers of Sanjay Kumar from prison as well.

http://www.mlive.com/news/ann-arbor/index.ssf/2014/08/police_release_video_of_u-m_wi.html

supposedly an NHL player was there right before this happened. I wonder who?
- niteislander

http://www.mgoblue.com/sp...y/spec-rel/082809aaa.html

Wang backed out b/c he did not want new owner to come in and dismantle his rebuild that took 5 years to get to this point. He and Snow believe with the young LARGE defensive prospects fighting for a spot this year and REAL goalie depth on the team.. ALONG with the addition of 2 decent NHL forwards that this team is a LOT better than most percieve. To sell now and have Barroway imediately hire a new GM who would have to make an imediate splash... would be a big mistake in their opinion. the one thing Snow has done well is Not Panic and trade prospects. It has paid off in cases like Okposo and will pay off more with Storme, nelson, Lee, etc. The Wang and crew really believe this team is going to surprise everyone this year...

I happen to agree with them.. but I am koolaide guy.. Oh Yeah.
- niteislander

I don't understand your analysis. We all would agree that CW has entertained offers to buy the team. Offers to buy an NHL franchise don't come out of the blue. Someone must have put it out there that the the team was for sale. That leads us to conclude that CW is interested in selling the team.

If CW wants to sell, why does he care what happens with the team going forward? I know there has been talk that CW may retain a minority, non controlling stake in the team. But if he wants power over decision making, why is he even entertaining selling a majority, controlling interest in the team? From all I've seen and heard, CW has only discussed or entertained offers for a majority, controlling interest in the team. Nobody pays over double the Forbes assessed value for a team to not get decision making and majority stake in return.

I have a hard time understanding what CW does. He is a perplexing man. It would not surprise me at all of he didn't want to sell because he didn't want to see Snow and others CW is loyal to lose their jobs, as ridiculous and curious a rationale as that is not to sell. But again, CW can't possibly expect someone to pay $420M (or $548M) for a team and stick with the management and staff that produced 6 bottom-five finishes in 8 years.

I think it comes down to money. If CW feels he should have asked Barroway for more $$ I can totally see him reneging on the deal. The way he likely sees it, he can settle the Barroway suit and keep the team only to sell to someone else for more money than Barroway offered and what it cost to settle the suit. But again, CW I don't pretend to understand CW's thinking.

http://www.mgoblue.com/sports/m-hockey/spec-rel/082809aaa.html
- LetsGoIsles

Trouba, Glendening, Moss and Summers are all from Michigan. My bet is that it'll be one of those guys.

How do we rationalize making Sterling sell his team for basically making ignorant comments, yet if Wang signed a 70 page document in good faith, there's no threat of a forced sale?

I cannot wrap my head around this one.
- kindlyrick

The Sterling situation is pretty complicated. I don't know how they forced him to sell the team but his wife was involved and I think she has just as much of a right to sell it as he did?

The reason the 70 page document doesn't force Wang to sell the team is because a purchase agreement doesn't officially confirm the sale. It's just an outline of the agreement. The final version needs to be drafted from that and then signed to be official. All the purchase agreement does is show that both sides intend to make this deal but it doesn't legally transfer ownership.

public backlash or not......legally, anyone is protected under the constitution to speak their mind, ignorant or not. It amazes me that the NHL is "staying out of it"
- kindlyrick

Ehhh that's hazy.

Freedom of Speech actually only refers to your right to speak about the government, and even then it's slightly restricted; you're not allowed to speak up or print something that will directly and purposely result in violence.

You're not allowed to yell bomb in an airport or fire in a move theater. You're not allowed to verbally abuse another person. You're not allowed to scream in a residential neighborhood at 3 in the morning for no reason.

Ehhh that's hazy.

Freedom of Speech actually only refers to your right to speak about the government, and even then it's slightly restricted; you're not allowed to speak up or print something that will directly and purposely result in violence.

You're not allowed to yell bomb in an airport or fire in a move theater. You're not allowed to verbally abuse another person. You're not allowed to scream in a residential neighborhood at 3 in the morning for no reason.
- rangerdanger94

well sh!t