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Report: Islanders owner looking to sell team

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New York Islanders owner Charles Wang is looking to possibly sell his majority stake in the team, according to TSN.

The Islanders are reportedly losing about $10 million per year and the team faces a $75 million loan repayment at the end of this season.

Wang has owned the majority of the team for 10 years. He bought a minority stake in the team in 2000 and a controlling share in 2004.

The 69-year-old agreed to move the Islanders to Brooklyn on a 25-year lease with Barclays after multiple proposals to remain in Nassau County failed.

The Islanders (28-35-10) are in last place in the Metropolitan Division and 14th out of 16 teams in the Eastern Conference. They have not made the playoffs since the 2007.
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