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NHL owner looking to invest in new arena for rival NHL team.

NHL owner wants an ownership stake in rival teams arena.

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In a strange twist a National Hockey League owner is reportedly looking to invest in a rival team's new arena project.

In a recent report for Bloomberg reporter Scott Soshnick has revealed that New York Rangers ownership group headed by James Dolan is looking to invest in an arena project that would house the New York Islanders.

From Bloomberg:

A supergroup of New York sports executives, including owners of the New York Rangers and the New York Mets, is lining up to invest in a new arena just outside of Queens for the National Hockey League’s Islanders, according to people familiar with the discussions.

The Islanders play at Brooklyn’s Barclays Center, though executives there have concluded that it’s no longer worth it to host the hockey team, and the lease can be terminated as early as January.

According to Bloomberg National Hockey League rules permit this kind of deal to take place, and given the Islanders current arena situation it seems like Dolan and The Madison Square Garden Company are doing the Islanders a huge favor here.