Spano Faces Indictment

Former New York Islanders owner John Spano will be indicted on federal wire and bank fraud charges in connection with his failed purchase of the National Hockey League franchise, people close to the case said.

Although Spano is out of the country, he’s told prosecutors he’ll turn himself in to federal prosecutors Wednesday at the Eastern District of New York federal courthouse in Uniondale, New York.

The case relates to the manner in which Spano obtained an $80 million loan as part of his purchase effort.