With the impending start of the World Hockey Association in the fall of 1972, the upstart league had plans to place its New York team in the brand-new Nassau Veterans Memorial Coliseum in Nassau County. However, Nassau County officials did not consider the WHA a professional league and wanted nothing to do with the upstart New York Raiders. The only legal way to do so was to get an NHL team to play in the Coliseum, so William Shea, who had helped bring the New York Mets to the area a decade earlier, was pressed into service once again. Shea found a receptive ear in league president Clarence Campbell, who did not want the additional competition in the New York area. So, despite having expanded to 14 teams just two years before, the NHL hastily awarded a Long Island franchise to Roy Boe, owner of the American Basketball Association's New York Nets. A second expansion franchise was awarded to Atlanta (the Flames) at the same time to balance the schedule.

The fledgling Islanders -- who soon were nicknamed the Isles by the local tabloids (the nickname has stuck) had an extra burden to pay in the form of a $4 million territorial fee to the nearby New York Rangers. The Rangers have been the Islanders' biggest rivals ever since. While the Islanders secured veteran forward Ed Westfall from the Boston Bruins, junior league star Billy Harris, and a few other respectable players, several other draftees jumped to the WHA. General Manager Bill Torrey was committed to building his team with young players via shrewd selections in the amateur draft. In the team's first season, young players such as goaltender Billy Smith and forwards Bob Nystrom and Lorne Henning were given chances to prove themselves in the NHL. However, this young and inexperienced expansion team was one of the worst teams in NHL history – winning only 12 games and tying 6, while losing 60.

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The prize for finishing last in the NHL would be the right to pick first in the 1973 amateur draft. Despite several lucrative offers from Montreal, Torrey refused to part with his opportunity to draft junior superstar defenseman Denis Potvin. That same summer, Torrey made perhaps the most critical move in the history of the franchise when he convinced St. Louis Blues coach Al Arbour to come to Long Island. Even with Potvin, the team still finished last in the East in its second year. However, under Arbour the team showed signs of respectability. While still long out of playoff contention, their 56 points represented a healthy 36-point improvement from the previous season. It turned out to be the team's last losing season for 16 years.

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The Islanders continued their stunning climb up the NHL standings in 1975-76, earning 101 points--the first 100-point season in franchise history, in only their fourth year of existence. Few teams in any major sport came so far so fast. It would be the first of four consecutive 100-point seasons to close out the 1970s, including their first two division titles in franchise history. The 1978-79 unit would win the NHL League championship,awarded annually to the team with the league's highest regular season point total; the 116 points earned that year was the best in franchise history to date.

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However, regular-season success was not rewarded in the playoffs. In 1976 and 1977, the Islanders were knocked out in the second round by the eventual Stanley Cup champion Canadiens. In 1978, they were upset in the second round in overtime of game 7 by the Toronto Maple Leafs. In 1978-79, Bryan Trottier led the league in point scoring, and second-year man Mike Bossy scored 69 goals, which also led the league. Despite the offensive power, they lost the semi-finals to the hated Rangers that year. Suddenly, there were whispers that the Islanders would always be the bridesmaid, never the bride. (Just as galling was the graphic on the Madison Square Garden scoreboard after the Blueshirts eliminated the Isles -- a rendering of a broken-up Long Island.

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Amid the on-ice success, the Islanders' off-ice fortunes were on shaky ground. Boe was losing money on both the Islanders and the Nets even as the Islanders quickly surged to NHL prominence and the Nets became an ABA power. It came to a head in 1976, when the Nets were one of four ABA teams taken into the NBA (they had actually wanted to bolt a year earlier, but were forced to stay in the ABA by court order). However, in addition to the $3 million franchise fee, the Nets had to pay an additional $4.8 million to the New York Knicks for "invading" the Knicks' NBA territory. Boe was forced to sell the Nets' best player, Julius Erving to the Philadelphia 76ers. The Nets promptly crashed into the cellar only a year after winning the last ABA title, and the team has never really recovered.

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Arbour came out of retirment to finish the 1988-89 season, and the Islanders rebounded to get back in the playoffs in 1990. With players like Pierre Turgeon, Derek King, Ray Ferraro, Steve Thomas and Benoit Hogue, the Islanders were a surprisingly competitive team in the early 1990s. Torrey stepped down as GM in 1992 to help organize the expansion Florida Panthers. The team hit paydirt in 1993, climbing out of the cellar and making it to the Wales Conference final despite losing Turgeon for much of the playoffs after Washington Capitals enforcer Dale Hunter drilled Turgeon from behind while Turgeon was celebrating a goal. Hunter received a then-record 21-game suspension. They defeated heavy favorites and defending Stanley Cup champions, the Mario Lemieux-led Pittsburgh Penguins, when David Volek scored in overtime of the deciding seventh game in the second round of the playoffs, before bowing out to the eventual champion Canadiens in five games in the conference finals. They barely squeezed into the playoffs the next season, getting swept in the first round by the eventual champion Rangers.

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During their lean years, the Isles' humiliation was hardly limited to their on-ice product. Dallas businessman John Spano purchased the team in 1996, Within three months of the deal closing in 1997, he still hadn't paid Pickett the first installment on the cable deal. Evidence surfaced that Spano had deliberately misled the NHL and the Islanders about his net worth. An investigation by Newsday revealed that Spano also had two lawsuits pending against him. The team reverted to Pickett. Federal prosecutors turned up evidence that Spano had forged many of the documents used to vouch for his wealth and to promise payment to Pickett.

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With stable ownership finally in place, the team's fortunes began to improve. In time for the 2001-02 season, the Islanders made three key acquisitions. The Islanders traded for centers Alexei Yashin from the Ottawa Senators, and Michael Peca from the Buffalo Sabres. The Islanders were also able to take goaltender Chris Osgood with the first pick in the waiver draft, claiming the former Detroit Red Wings goaltender off of waivers. The Islanders opened the season on a tear, going 11-1-1-1, and easily made the 2002 playoffs before bowing out to the Maple Leafs in a very physical first round series, 4-3. That playoff series was one of the best that the 2002 Stanley Cup Playoffs had to offer, as neither team won a road game. One of the most exciting moments of that series took place in Game 4 when Shawn Bates scored on a penalty shot with a little over a minute to go to give them the lead and ultimately the game.

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