- Associated Press - Tuesday, August 12, 2014

NEW YORK (AP) - A hedge-fund manager trying to buy the New York Islanders says the hockey team’s owner “chose greed” in an attempt to raise an agreed-upon sale price.

Andrew Barroway’s NY ICE sued Charles Wang this week for breach of contract, alleging the Computer Associates co-founder demanded $548 million months after agreeing to sell for $420 million.

An Islanders spokesman did not respond to a message.

The lawsuit Monday alleges Wang had “seller’s remorse” and demanded more money from Philadelphia-based Barroway after basketball’s Los Angeles Clippers sold for $2 billion.

NY ICE says Wang vowed last week to sell to another investment group.

NY ICE is demanding a $10 million “break-up fee” if the sale doesn’t happen. Wang’s companies would still retain a 25 percent Islanders stake under the NY ICE deal.



Click to Read More

Click to Hide