Islanders owners Jon Ledecky and Scott Malkin are looking to sell a 15 percent stake in the team, according to the NY Post's Josh Kosman.
They have not had any luck in selling the stake, with the team valued at $500 million, as potential buyers are skeptical. The pitch is telling potential buyers they are looking to diversify.
As of now, the Islanders may need to find a new home following the 2018-19 season, as they have a mutual out-clause with Barclays Center, and the venue doesn't want to keep the team as tenants.
Barclays Center is paying the Islanders $53.5 million in guaranteed fees per season, which makes it hard to earn money from ticket sales. On the other side of the spectrum, the Islanders are not keen on the ice conditions.
Another concern with the asking price is that Forbes valued the franchise at $385 million last season. Ledecky and Malkin bought a controlling stake in the team for $485 million in 2014.
There has been no progress made on building a new arena for the Islanders as city officials continue to ponder where a good location would be. Owners considered building one near Belmont Racetrack, but that hasn't broke any ground. Another option was to try near Citi Field in Flushing, but the courts deemed it too difficult.
The owners have said that returning to the Nassau Coliseum isn't an option.