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Contract Signed To Buy Islanders

Thu., Oct. 16, 1997


A group headed by Steven Gluckstern signed a contract to purchase the New York Islanders for an estimated $195 million.

The sale of the National Hockey League team to New York Sports Ventures, a group formed by Gluckstern and Howard Milstein, co-chairman of New York-based Emigrant Savings Bank, must be approved by the NHL Board of Governors.

The contract signing comes eight days after Texas businessman John Spano agreed to a plea bargain that will result in a four-to-five-year prison sentence on fraud charges from his aborted purchase of the Islanders from current owner John Pickett.

Gluckstern, who is part owner of the NHL’s Phoenix Coyotes, will sell his 50 percent share in the team to co-owner Richard Burke if the Islanders’ purchase is approved.

Insurance need cited

At least 200 National Hockey League players don’t have off-ice disability insurance, leaving them vulnerable if they suffer a debilitating injury like Detroit Red Wings defenseman Vladimir Konstantinov.

The 30-year-old Konstantinov, who is still in a Detroit-area hospital after a June 13 limousine crash that left him in a coma for about a month, didn’t have insurance.

He’ll never play hockey again, and while the Red Wings said they’ll pay him the $3 million remaining on his contract, the team isn’t legally obligated to do so.

Since players don’t get off-ice insurance under the collective bargaining agreement in effect until 2004, the union is trying to encourage players to buy it on their own.

Ice chips

Kevin Lowe of Edmonton has been suspended for three games for high-sticking Gino Odjick of Vancouver on Sunday.

… Petr Nedved has backed off his demands for a five-year contract, but still wants the Pittsburgh Penguins to pay him about $3 million a year. Nedved, a restricted free agent, is asking for a two-year contract worth $6 million.

The Edmonton Oilers acquired Jason Bowen from the Philadelphia Flyers for Brantt Myhres in a trade of forwards. … Tampa Bay Lightning right wing Dino Ciccarelli may need surgery for bone chips in his right elbow, which could keep the team’s leading scorer out for two weeks.

On the ice

Felix Potvin stopped 30 shots as the Toronto Maple Leafs handed Detroit its first loss of the season, 4-3 in Detroit. … Patrick Roy made 48 saves and Peter Forsberg had a goal and five assists as the Colorado Avalanche beat the Edmonton Oilers 6-2 in Edmonton.


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