New York Islanders owner Charles Wang has reached an agreement to sell his majority stake in the team to former Washington Capitals co-owner Jon Ledecky in 2016.
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Ledecky and London-based investor Scott Malkin have agreed to buy a large minority stake in the team immediately with the understanding that they will become the new majority owners of the team in 2016. The ruling won’t be official until they receive league approval and Ledecky released a statement concerning the sale.
"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 statement.
The Islanders are in the middle of a identity change in New York as they will play their last season in the Nassau Coliseum. The team, founded in 1972, will be taking their talents across town to Brooklyn's Barclays Center in 2015 for the first of a 25-year lease with the arena.
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Wang addressed the sale in a team-issued press release and also revealed that he will remain active in the team’s day-to-day operations until he turns over majority ownership in 2016.
"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.”
Ledecky was a minority owner of the Washington Capitals until he sold his stake in the team to current owner Ted Leonsis in 2001. The Islanders finished the 2013-14 season as the worst team in the Eastern Conference with a 34-37-11 record.
[ESPN]
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