Spano Buys Islanders for $165 Million
Texas businessman John Spano became the New York Islanders’ new majority owner, completing a $165 million purchase of 90% of the franchise from owner John Pickett.
Spano, a 32-year-old Manhattan native, paid about $80 million for the 25-year-old franchise and about $85 million for rights to an agreement with the team’s television broadcaster, Cablevision.
Spano, president of Dallas-based Bison Group, said he won’t attempt to move the team, which has struggled financially in recent years.
Boston Bruin right win Rick Tocchet, the subject of several trade rumors, was benched for the first time in his 14 years in the league on Tuesday. Tocchet has six goals and seven assists.