The new investment group fronted by Bob Gutkowski currently in heavy negotiations to purchase the Islanders is led by former record-producing giant, Charles Koppelman, The Post has learned.

Koppelman, a Long Islander who sold EMI Group North America in 1997, submitted a formal bid three weeks ago of roughly $185 million to purchase the team from co-owners Howard Milstein and Steven Gluckstern. Milstein and Gluckstern bought the Isles for about $195 million in February, 1998.

Although Koppelman’s bid wasn’t accepted, it wasn’t flat-out rejected either. The two sides were continuing negotiations toward completion of a letter-of-intent. The formal offer did not specify the deal was contingent on a new arena.