Wang and Kumar, chairman and president, of the $6.3-billion Long Island company, took charge of the National Hockey League (NHL) team from New York Sports Ventures, ending a two-year ownership that reportedly piled up more than $40 million in losses. The new Asian American owners, pending customary league approval, succeed Howard and Edward Milstein and Steven Gluckstern.

New York Islanders, an ice hockey team which once won four straight Stanley Cups (1980-83), have not made the NHL playoffs in the past six years and have not had a winning season since 1992-93. The new owners seek to resolve the team's financial and management problems, but without many changes.

Although the management will have more money to work with, Wang sounded a note of caution by asking whether the Islanders would have four times as many wins if he increased the payroll four times.

Wang, 54, whose company stock is reported to be worth $1.7 billion, and Kumar, 38, whose shares are valued at $289 million, start their term as owners without any guarantee of modifications to the team's unfavourable lease with SMG, the landlord, at Nassau Coliseum on Long Island. The Islanders have played at the Coliseum since entering the NHL in 1972. The Coliseum is owned by Nassau County and leased until 2015 to SMG, a Philadelphia management company.

Nassau County executive Thomas Gulotta said in a statement that he was happy the new owners would ensure that the county remains the home of the Islanders. Both Wang and Kumar are known to be basketball fans and had hoped to bring an NBA (National Basketball Association) team to Long Island. At a press conference in Garden City on Long Island, where the two were introduced as the new owners, Wang joked: ``I have been reading my `Hockey for Dummies Book' and Sanjay is reading his textbooks. A lot of this is new to me, but it will be run like any good business.'' While displaying their Islanders jerseys with their names at the back at the press conference, both Wang and Kumar said their vision was quite simple. It is to make the New York Islanders the world class and competitive, winning sports franchise the community wants.

``We are buying the team free and clear to work on building a tremendous franchise for the team, for the fans and for the communities here on Long Island,'' Kumar said in a statement.

``Our immediate plans will focus on the fans and team. That is our priority - to bring the game back to the fans and bring the fans to the team.''Wang, who co-founded Computer Associates in 1976, said both he and Kumar were fulfilling a childhood dream by purchasing the Islanders. ``I can assure you that both where Sanjay and I were born and raised, an ice-cube - not to say an ice rink - was a miracle and a luxury,'' he said.

Sri Lanka-born Kumar, who joined Computer Associates in 1987 with its acquisition of UCCEL Corporation, where he was director of software development, is known to be an aggressive dealmaker.

With many acquired employees, Kumar's prominence in the company, whose market capitalisation has skyrocketed to $40 billion from $6 billion under his leadership, is said to be much proof of his own ability to recognise and reward talent. But Kumar acknowledged that weeks of negotiations to buy the Islanders was not easy. ``Both Charles and I have done a lot of deals in business. And this one, by far, was the longest of all. It wasn't the biggest, but it took the longest,'' he said.

A firm believer in giving back to the community, Kumar is actively involved in philanthropic activities through his personal foundation which supports programmes for education, arts, culture and children's causes.

-- (IANS)