John Pickett, a successful Texan businessman, became a minority owner of the New York Islanders franchise in 1972 when Roy Boe, the owner of New York Nets, invited him to invest in the new NHL franchise. In 1978 Pickett became the majority owner after Boe ran into financial difficulties and was forced to sell his stake in the franchise. Pickett took on nearly half of the $42 million debt accrued by the Islanders only in six years under Boe's guidance. Working alongside General Manager Bill Torrey Pickett was able to successfully restructure the franchise. The Islanders went to win four consecutive Stanley Cups under Torrey's guidance in the early 1980s.

Pickett was never particularly interested in operating the franchise himself and gradually lost interest in the franchise. Bill Torrey, the Islanders first General Manager, was named the team President in 1979 as a reward for his work on the financial restructuring. Pickett eventually stepped down as the Chairman of the Board and named Torrie in his place.

In 1992 Pickett opted to sell a portion of it to local investors with the intent to further reduce his involvement in the franchise and to become a silent investor. The local investors were set to manage the franchise despite Pickett's role as the majority owner. In 1997 Pickett finally managed to sell the franchise to a group headed by Phoenix Coyotes owner Steven Gluckstern. The NHL had revoked the franchise from fraudulent bidder John Spano some months earlier.