New york island famously bought on the cheap

You're referring to the New York Islanders' infamous sale to Charles Wang and his partner, Jon Ledecky, in 2014!

Yes, the Islanders were sold to Wang and Ledecky for a reported $485 million, which was significantly lower than the estimated value of the team at the time. The sale was seen as a major coup for the new owners, who were able to acquire the team at a relatively low price.

The sale was made possible due to a combination of factors, including:

1. The team's financial struggles: The Islanders had been struggling financially for several years, with declining attendance and revenue. This made them an attractive target for potential buyers looking to acquire a team at a discount.
2. The NHL's desire to stabilize the franchise: The NHL was keen to ensure the Islanders' long-term stability, and the sale to Wang and Ledecky was seen as a way to achieve this. The new owners had a strong track record in business and were committed to investing in the team.
3. The team's lease agreement: The Islanders were playing at the Nassau Coliseum at the time, which was an outdated arena with limited amenities. The team's lease agreement was set to expire in 2015, and the new owners were able to negotiate a new deal that kept the team in Brooklyn's Barclays Center for the 2015-16 season.

Under Wang and Ledecky's ownership, the Islanders have made significant progress, including a move to their new home, UBS Arena, in 2021. The team has also invested in its scouting and player development systems, and has become a more competitive force in the NHL.