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Regular middle-class businessman
- The world thought Spano was a millionaire benefactor who would restore one of the National Hockey League’s once-great teams but, in reality, the boy who grew up in Ohio was just a regular middle-class businessman.
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In October 1996, Spano agreed to buy the New York Islanders from longtime owner John Pickett for $165 million: $80 million for Pickett's 90 percent stake in the team and $85 million for its lucrative cable television contract with SportsChannel New York, which at the time earned the Islanders $13 million a year.
He was hailed as a savior by the fans — a wealthy benefactor who would save the troubled franchise and keep them on Long Island. But in reality, Spano wasn't wealthy.
Jul 23, 2022 · That was when John Spano, the 30-something Texas businessman with New York roots deceived and swindled his way into signing a deal to purchase the Islanders for $165M.
- Joseph Buono
Jul 24, 1997 · However, in gaining the favor of the Boston-based Fleet Bank, Pickett and the National Hockey League for his purchase of the Islanders, Spano allegedly claimed assets big enough to make himself a...
Texas businessman John Spano signed a deal to buy the New York Islanders for $165 million in 1996. Advertisement. For four months between when he signed the deal and when he was supposed to...
May 19, 2015 · The NHL vetted Spano, who presented himself as a Texas businessman worth hundreds of millions of dollars, and approved the sale. He convinced banks to lend him $80 million for the purchase.
