New York Islanders owner Charles Wang pulled the plug on a deal to sell the franchise for $420 million when the Los Angeles Clippers netted a $2 billion sale agreement, a lawsuit alleges.
Andrew Barroway claims in a filing in Manhattan that Wang's "about-face" included raising the sticker price to $548 million.
"Wang was having seller's remorse because he believed he had agreed to sell the Islanders for a price too low after hearing the unrelated news that a $2 billion bid was places to purchase the Los Angeles Clippers," Barroway said in a civil suit Monday, according to the New York Post.
Barroway is suing to reinstate the original deal, or $10 million for the botched agreement.
Wang attempted to adjust the purchase price in July, the 19-page suit document alleges. He backed out of the deal entirely in August.
"Wang pulled Barroway into a separate room and during this conversation, he expressed that he could have obtained a higher price for the Islanders now 'thanks to Steve Ballmer," according to the suit.
Wang dissolved the agreement Aug. 1, which was "the culminating event of defendants' overall bad faith conduct" and a breach of the Securities Purchase Agreement reached between both sides in March, the suit says.
The Islanders were last in the NHL in attendance and are moving to Barclay's Center in Brooklyn for the 2015-2016 season, which could boost revenue.
Ballmer, former CEO of Microsoft, agreed to purchase the NBA franchise owner by disgraced real estate mogul Donald Sterling for $2 billion and a judge cleared the estate to move on with the sale despite opposition from Sterling.