![]() By the end of 1977-1978 season the franchise had accrued a debt of some $22 million and the majority owner Roy Boe's basketball franchise was also in debt for another $20 million. It was performing strong on ice and had a solid fanbase, but the operating costs were higher than the income. The Islanders became a successful expansion franchise in the 1970s. The entry to the NHL cost Boe and his partners a total of $10 million with $6 million paid to the NHL as the entry fee and $4 million paid to the New York Rangers as compensation for moving into its territory. A group of investors headed by Roy Boe, the owner of the New York Nets of the American Basketball Association, brought ice hockey to Long Island. The New York Islanders NHL franchise was founded in 1972 to counter possible expansion of the rival league WHA. ![]()
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