API Computer Execs Buy N.Y. Islanders
By Associated Press

For the fourth time in six seasons, the New York Islanders have new ownership. Charles Wang, president and chief executive officer of Computer Associates, one of Long Island’s biggest firms, and Sanjay Kumar, chief operating officer of the company, bought the NHL team from New York Sports Ventures on April 26 for an estimated $190 million. Last week Forbes magazine ranked Wang as the highest-paid executive in the nation—with a 1999 compensation package totaling $650.1 million, according to Forbes. He had ranked 39th in 1998.

Neither Wang nor Kumar have been involved in hockey before. “I’ve been reading my Hockey for Dummies book, and Sanjay is reading his textbooks,” Wang said. “A lot of this is new to me, but it will be run like any good business.”

Both Wang, 54, and Kumar, 38, are basketball fans and had hoped to bring an NBA team to Long Island.

The new owners, pending league approval, succeed Howard and Edward Milstein and Steven Gluckstern. They take over a team that once won four straight Stanley Cups (1980-83), but has not made the NHL playoffs the last six years and has not had a winning season since 1992-93. The Islanders had 58 points this season, third-worst in the league.

“A winning team brings about a lot of things,” Wang said. “It brings fans back, it brings about a new building, and so much more.”

Nassau County Executive Thomas Gulotta said he and Wang discussed plans for a new arena to replace Nassau Coliseum.

“That’s another topic for another day,” Wang said.

The Islanders have played at the Coliseum since entering the NHL in 1972. The Coliseum is owned by the county and leased until 2015 to SMG, a Philadelphia management company.

“We’re not in this for a land grab,” Wang said. “We knew it wouldn’t make economical sense. But Sanjay and I are very community-minded people, and we both know that having a strong professional sports team strengthens a community.”

General manager Mike Milbury is relieved that Wang and Kumar plan no changes in management.

“We now have the resources to be a first-class organization,” Milbury said. “These two gentlemen are wide open with regards to the team, the arena, everything. It’s nice to know that we can now compete with our colleagues with regards to free agency. It’s not a slanted field any more.”

Though Milbury will have more money to work with, Wang sounded a note of caution.

“If we increase our payroll to four times what it is now, does that mean we will have four times as many wins?” Wang asked.

The Milstein brothers and Gluckstern purchased the team in 1998 after businessman John Spano’s tenure ended in disgrace when he was convicted on wire fraud charges. Spano’s deal with owner John Pickett fell apart when he failed to meet payment deadlines.

Almost immediately, there was controversy over conditions in the Coliseum. The Milsteins and Gluckstern threatened to move, even talking about playing some home games in other arenas.

The Islanders have had contentious relations with the county and SMG about a new arena. For Wang and Kumar to buy the team, Nassau County and SMG had to agree.