The New York Islanders may have found new investors. The hockey club has announced that Charles Wang has agreed to immediately sell a minority share in the club to a group led by former Washington Capitals co-owner Jon Ledecky and London based investor Scott Malkin.
Wang will maintain majority ownership and control of the team for the next two years, during which time the club is scheduled to move into Brooklyn’s Barclay Center after one final season at Nassau Memorial Coliseum. In two years Ledecky and Malkin will take over majority interest and control of the team.
The news was broken earlier in the day by Arthur Staple who covers the team for New York Newsday.
BREAKING NEWS: Charles Wang has agreed to sell the #Isles to John Ledecky, former co-owner of the Capitals, and investor Scott Malkin.
— Arthur Staple (@StapeNewsday) August 19, 2014
Ledecky and Malkin will hold a minority interest in #Isles for next two years and then assume majority control, per agreement.
— Arthur Staple (@StapeNewsday) August 19, 2014
“We are pleased to have the opportunity to become partners in the New York Islanders with Charles, and to pursue our shared dream of winning a fifth Stanley Cup for the greatest fans in the NHL,” Ledecky said in a team release.
“I’m thrilled that Jon and Scott have agreed to join me as we start the Islanders’ final year at Nassau Veterans Memorial Coliseum,” Wang said. “I look forward to a long and successful partnership.”
The sale of the team is subject to approval by the NHL’s Board of Governors, and should be discussed by the group at their next meeting.
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