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New York Islanders Owner Regrets Purchasing Team

Published by on May 3, 2009
Article Source: Bleacher Report - NHL

New York Islanders' Owner Charles Wang has gone on record that if given the chance to buy the team again, he would not do it.

In an article published Saturday, Newsday reported that Wang has spent $208.8 million—an average of $23 million per year—to keep the team operating since 2000.

Wang also spent $74.2 million when he and Sanjay Kumar bought the club and took over responsibility for its estimated $97 million in liabilities.

The NHL's deputy commissioner, William Daly, confirmed the numbers, "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.”

Wang, 64, said he initially assumed Nassau ...

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