Wang is the majority owner of the team until 2016 when Jonathan Ledecky and Scott Malkin take over control of the franchise.
Barroway was seeking either an enforcement of the deal, he believed Wang and himself had agreed upon to sell the team, or a $10 million "break up" fee. Barroway filed suit on August 11, alleging that Wang backed out of a handshake agreement to sell the Islanders to him for $420 million.
Wang later sold the Islanders to Jon Ledecky and Scott Malkin, which was approved by the NHL Board of Governors on Tuesday. Barroway is reportedly vying to purchase a majority stake in the Arizona Coyotes, which was first reported by the New York Post on Thursday. As part of a purchase of the Coyotes, according to the Post, Barroway would drop his lawsuit against Wang.
Investment into a quality product on the ice, a new building on the horizon and now an end to the ownership drama that has been the part of the team's narrative for the last few months, if not years. It is a means to an end for the team and their fan base that may finally being seeing the light at the end of the tunnel.
Charles Wang's ownership of the Isles has been a bumpy road and has -- as development projects have failed and the team struggled on the ice -- divided the team's fan base over their perception of him. Some like him and others... well, they were not too thrilled with his management of the team.
Islanders owner Charles Wang was joined by many in the organization including President Michael Picker, GM Garth Snow, Assistant Coach Doug Weight, and team legend Mike Bossy at the Barclays Center. Also in attendance were NYC Mayor Michael Bloomberg, Barclays Center CEO Bruce Ratner, NHL Commissioner Gary Bettman, and Brooklyn Borough President Marty Markowitz.