Uniondale, NY, United States (4E Sports) – New York Islanders’ owner Charles Wang is getting sued after allegedly breaking a “handshake agreement” to sell the team for $420 million.
NY ICE’s Andrew Barroway is suing Wang for $10 million after backing out on the agreed deal.
The lawsuit was reported by the New York Daily News, which obtained court documents.
According to the documents, Wang backed out of the deal after hearing about former Microsoft CEO Steve Ballmer’s attempt of buying the Los Angeles Clippers for $2 billion.
The franchise is looking for a new owner after racist remarks got owner Donald Sterling banned from the NBA.
The documents obtained stated Wang refused to close the deal and acknowledge the terms.
Wang also demanded a higher price of $548 million, believing the initial amount was deemed too low.
Meanwhile an Isles’ representative shared with ESPN, “There is no merit to these reports.”
Wang and Barroway also had a legal battle before regarding the Isles owner’s company, Computer Associates.
Computer Associates was allegedly violating several sections of the Securities Exchange Act, according to ESPN, the issue was settled in 2003.
NHL commissioner Gary Bettman said Wang is updating the league of negotiations about the selling of the team, but they were not made aware of any “handshake agreement.”