John Pickett was a limited partner in the original Islanders' ownership group, headed by Roy Boe. He purchased a small share in the team for $100,000 in 1972 at the request of Boe, who was then a casual acquaintance. However, by 1978, the Islanders were sinking under the weight of serious financial problems, and Boe was forced to put them up for sale. No buyers turned up at first, however. Finally, general manager Bill Torrey engineered a sale to Pickett, a restructuring specialist, who rewarded him with the team presidency. Pickett restructured the team's finances with a view towards making them a viable long-term franchise on suburban Long Island.
Not long after closing on the Islanders' purchase, Pickett signed a very lucrative cable contract with the then-one-year-old SportsChannel New York (later Fox Sports New York and now MSG Plus). The deal not only ensured the Islanders would stay on Long Island, but gave Pickett a significant revenue stream which he used to sign the final pieces for a team that would go on to win four consecutive Stanley Cups in 1980, 1981, 1982, and 1983. Pickett attempted to sell Charles Dolan a 36 percent share in the Islanders in 1981, but the sale was blocked by a lawsuit from four minority owners who accused Pickett of undervaluing the team and trying to sell their shares without their consent. Believing the lawsuit to be a distraction from the team's performance on the ice, Pickett cancelled the deal.
During the Islanders' dynasty years, the team was a model franchise in professional sports, emulated for its formula of supportive ownership and building through the draft. During its championship years under Pickett, the team was the highest paying professional organization in ice hockey, with stars like Bryan Trottier, Mike Bossy, Denis Potvin and Billy Smith at or near the top of the league in compensation by position. During this period, Pickett was a very hands-off owner who shied away from media attention, instead permitting accolades to be showered on the players and coaches. He largely left the Islanders in Torrey's hands and rarely interfered. All the while, Pickett was one of the most influential owners in the National Hockey League during this period, driving NHL policy along with League President John A. Ziegler Jr.
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