: News Article:
Wang in preliminary talks to sell team!
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02-21-2013, 08:17 AM
Join Date: Sep 2006
Originally Posted by
There's almost less chance of Wang owning this team in Brooklyn than there is of the team breaking the lease.
You cant even spell "commodity" correctly and I'm supposed to believe you're some big time deal maker?
I have a law degree, and work in contract law. The situation you're giving above is in no way near analogous to the Islanders or any other sports team that's a tenant in an arena. Your car is an asset that you as an individual put under contract to be in a garage. The Islanders are a living, breathing corporate entity that is under contract, not Charles Wang personally.
If what you're saying was the case, and the arena leases weren't transferable with changes in ownership, every time a team got a new owner they'd be an automatic threat to move. Hell, Wang wouldn't have been tied to the Coliseum for the last decade if that was the case. We could start playing in Brooklyn tomorrow with a new owner if you what you're saying was true.
Fact of the matter is, the legal entity known as the Islanders, not Charles Wang, is tied to that arena lease, regardless of who owns the entity because the lease is transferable with the entity. So unless the team were to enact one of the out clauses in the lease (i.e. a buyout, arena being unfit to use, etc.) they aren't going anywhere. End of discussion.
First...thank you for pointing out my mispelling. While I do my best to spell correctly sometimes in a quick post it happens. I am happy for you that you have never mispelled a word before. Kudos!
For God's sake it is an internet message board, one mispelled word and you get fried for it. Incredible.
Second....thank you for your insight. The deals I negotiate do have an out for the leasee should their be a change in ownership and I have seen it in other aspects of business too. I assumed, my fault, that the same held true.
As I said before we don't really know what the lease states as none of us have ever seen it. It's all speculation on our part.
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