According to a report in the New York Post, Charles Wang is in talks with the Raine Group about the sale of the team. From what I have learned, the Raine Group wouldn't be the purchasers of the team but they would help Wang facilitate a sale.
The Post says that Wang is hoping to sell the team for 300 million dollars, but most agree that price is unrealistically high. New motive to sell the team has come up recently according to the Post because Wang has a 75 million dollar loan that comes due at the end of next season.
The Raine Group and the Islanders new friends in Brooklyn have a history with one another. When Bruce Ratner sold to Mikhail Prokhorov a couple years ago, the Raine Group were an advisor for Ratner in the sale.
Since he was named as part of the "hub" development help, there has been some speculation that Bruce Ratner would eventually have a role in the Islanders ownership. Well I think the speculation just intensified!
http://ir.forestcity.net/phoenix.zhtml?c=88464&p=irol-newsArticle&ID=1334934&highlight= (h/t to I4E11 on IslanderMania for the link)