The Islanders are off food stamps.
That became official yesterday when the NHL Board of Governors unanimously approved the recent purchase of the club by Long Islanders Charles Wang and Sanjay Kumar, the chairman and president of Computer Associates, respectively.
In taking over the languishing Islanders, Wang and Kumar become the club’s fourth set of owners in five years. They bought the team for a reported $187.5 million.
After the Board of Governors meeting at the Essex House in Manhattan, Kumar promised to upgrade the club for the coming season by increasing its salary structure. Under outgoing owners Ed and Howard Milstein and Steven Gluckstern, the Islanders’ payroll was at an embarrassing league-low of $16.4 million last season.
“The payroll is going to go up,” said Kumar, who attended the meeting without the out-of-town Wang. “Our strategy will be to spend with a purpose.”
Kumar, 37, refused to speculate on just how much he and Wang, 55, will raise the payroll. However, he did indicate the team would not pursue $8-10 million a year players, such as Ottawa’s Alexei Yashin.
With his club having the No. 1 pick in the Entry Draft Saturday, Kumar will attend the event in Calgary. He has allowed GM Mike Milbury the option of trading the pick for a quality veteran.
As for developing a much-needed new arena for the club, Kumar said it’s a “three-to-four-year project,” but he wants to get it done. In the meantime, he suggested he and Wang might have interest in buying the current Coliseum from the financially-strapped Nassau County.
“Nothing is impossible,” he said. “Everything is possible. I haven’t approached these issues.”
Kumar said he’s been in contact with SMG, the company that holds a lease to run the Coliseum. Under SMG, the Coliseum has been allowed to deteriorate into the league’s most decrepit arena. But Kumar said he hasn’t discussed a plan about breaking SMG’s lease.
Saying the Isles “clearly need to improve the fan experience at the Coliseum,” Kumar and Wang will offer a season parking pass for season-ticket holders this year.
