owner." Bettman later recanted the remark after Spano's exposure. Purchase of New York Islanders 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 later agreed to buy the remaining 10 percent of the team held by the management group that had been running the Islanders' day-to-day operations since 1989. Spano billed himself as the owner of a leasing operation that he had built from one company with four employees to a group of 10 companies with 6,000 employees worldwide in a period of just six years. He claimed to be worth $230 million, most of which he attributed to have been inherited from his wealthy grandfather Angelo; he also claimed to own his $3 million University Park house free and clear. Pickett and Bettman were initially confident about Spano, deeming him a lifesaver for the once-proud franchise. The Islanders had fallen on hard times after their four consecutive Stanley Cup championships, having missed the playoffs in five of the previous eight years; furthermore, the team had suffering at the gate, and rumors abounded that they were about to move to Atlanta, Nashville or Houston. Spano committed to keeping the team on Long Island and either renovate, rebuild or replace the aging Nassau Coliseum. He paid for the team at signing with a loan from a syndicate of banks headed by Fleet Bank. He and Pickett agreed to a five-year installment package for the cable rights, and the league's other owners approved the sale in February 1997. The first $16.5 million payment on the cable rights was due on April 7; however, the money was not there that day. Spano promised Pickett the money would be wired out, showing him a letter from Lloyds Bank in London as proof; Pickett was satisfied and he closed the deal. Ahead of the deal's closure, Spano had already pumped $2.5 million into the team's payroll and forced head coach/general manager Mike Milbury to cede the head coaching position to Rick Bowness. He also let it be known that he intended to be a major player in the free-agent market that summer. Revealed as a swindler When the NHL's Board