Update: According to Chris Botta, sources close to Pat LaFontaine tell him that Pat isn't involved with anyone in anyway in a bid for the team.
Although this is kind of a damper, if he truly is involved having his people deny it now makes sense. At an early stage in situations like this very rarely do you know much of anything about the situation going on. Until something is practically finalized the identities of everyone involved would for the most part be a mystery. For an example, look at the sale of the Dodgers earlier this year with NBA Hall of Famer Magic Johnson as their groups figure head. Not until after the deal was announced were the players of the deal known and the positions they would serve known by the public.
According to the New York Post, a group of European investors has contacted the former Islander great asking him to be part of their group that is interested in buying the team. LaFontaine is said to be intrigued, however may have trouble because of the sky high asking price. That price according to the article is 300 million dollars.
http://www.nypost.com/p/news/business/frozen_account_WKFBjMUu87aiMxswHMkaxO (h/t to Roy for the link)
Now, I know there have been some who have completely written this article off as "hot air." However, Larry Brooks was one of the reports who wrote the article so therefore I think there is something here. How much exactly? I am not sure, but a reporter like Brooks wouldn't put his reputation on something without having info to back it up. Perhaps, some of his info was obtained off the record which is why there isn't a lot here. This sure adds another interesting element to the Islanders soap opera.