Charles Wang is reportedly in talks to sell off majority stakes in the New York Islanders, according to TSN.
Wang, who has owned the franchise since 2004, is reportedly talking to buyers about a possible sale of the majority of stakes, said the report.
"NYI owner Charles Wang in talks to sell majority stake in NHL franchise. Nothing done yet, no telling if it gets done, but talks underway," tweeted TSN's Bob McKenzie early Friday morning.
The Islanders lose a reported $10 million per season and the franchise could face a $75 million loan repayment at the end of this season, said TSN.
Selling the team could have an effect on the team's relocation to Brooklyn, but whether or not the process would speed up with a sale is unconfirmed.
The team is scheduled to move to Brooklyn's Barclays Center and begin a 25-year lease for the 2015-16 season.
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