When Charles Wang bought the Islanders, he was hailed as the savior of hockey on Long Island. Wang himself made it clear that he was buying the team so that they would stay put and not move to another city. He assumed that his goodwill would be rewarded with a new arena to replace Nassau Coliseum, an assumption that has proven incorrect year after year.
That failure, which includes the currently lurching forward Lighthouse project that would finally give them the new building, has Wang wishing the NHL had a Lemon Law.
"If I had the chance," Wang said, "I wouldn't do it again."
According to an audit by Ernst & Young, Wang has burned through nearly $300 million since purchasing the team and the Islanders claim to be nearly $100 million in the red over the last three years alone. Forbes estimates that the team is worth $154 million, which is $16 million less than Wang paid for the team in 2000.
While the new arena is way overdue, Wang can't simply point his finger and absolve himself of any blame. For years, the Islanders have made awful decisions with their hockey team. Wang allowed Mike Milbury free reign to trade away just about every good player they've had in the last decade. Even worst, they're still spending money to pay Alexei Yashin, for example, and they gave Rick DiPietro a 15-year, $67.5 million contract in 2006. In short, he's spending so much of his own money because the team has been run into the ground under his watch.
None of those moves are as significant as the arena, perhaps, but they probably don't leave anyone with a real happy feeling about Wang's decision to buy the team.
Josh Alper is a writer living in New York City and is a contributor to FanHouse.com and ProFootballTalk.com in addition to his duties for NBCNewYork.com.
