wang

Report: Wang agrees to sell majority stake in Islanders

Charles Wang has agreed to a deal to sell a majority interest in the Islanders, the team said.

The deal is to sell the team to Jon Ledecky and Scott Malkin, who will be minority owners for two years, after which they will assume majority control over the organization, the Islanders announced.

“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.

Ledecky is the former co-owner of the Washington Capitals. He is Chairman of the Board at Forbes. Malkin is the CEO of London-based Value Retail, which run high-end shopping villages.

“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 deal is pending NHL Board of Governors approval, likely in December (Strang, August 19).

“There will be no further comment until the NHL completes its franchise ownership transfer process,” the Isles said.


Wang was recently hit with a $10 million lawsuit for backing out of a handshake agreement to sell the team to Andrew Barroway (IPB, August 11).

Christian Arnold, Islanders Point Blank:

When things happen in Islanders country they really do come out of left field.

A week after the reported lawsuit against Wang over a deal gone bad with Andrew Barroway to sell the team, word breaks that he sold the team to other buyers.

It is a means to an end for all parties involved. A vocal segment of Islander fans were tired of Wang and have wanted him to sell the team for quite some time. And for Wang, who has been losing millions of dollars through his ownership of the team, this is a clean break from the team. Not much is known about the new buyers, but considering how hard Wang tried to keep the Islanders on Long Island and in New York, they will likely take care of the team that he has owned since the turn of the millennium. A new arena is coming, there is a competitive team on the ice for this season and, now, a new owner.

Things are really changing around the Islanders… for the better.




425 comments
Joe Cannon
Joe Cannon

Hallelujah, Praise the Lord!!! Maybe we can get a scorer and some defense. Also, I'm glad they're leaving that dump. I know their are great memories there, but they allowed it to go downhill in the 90's, and never took care of it thereafter.

Joseph Kenny
Joseph Kenny

I, for one, am thrilled they could come to Brooklyn! I will definitely go to games and wear a Islanders Jersey. Still 2 more cups than the Rangers!

Shane Ward
Shane Ward

Nassau had it's shot and the people messed it up. Time for a change

James Ellis
James Ellis

We hope this is the step in the right direction - lets bring back the Islanders to win another 4 Stanley Cups.

cournoyer
cournoyer

Wang put two guys money in escrow and still calls the shots. Non event

finnmaccul
finnmaccul

The Sound Tigers play in an 8,500 seat arena now and I think they average @ 4,800.

moonbeam
moonbeam

i'm all in favor of 'things are looking up.'  but...

i'd hold off for now on 'there is a competitive team on the ice for this season.'

and as for the sale, the law suit needs to get straightened out and, most of all, we're still in the 'not much is known about the new buyers' phase.

keep fingers crossed.

finnmaccul
finnmaccul

I know a guy in the Sound Tiger organization and he was told to prepare for the team to go to NVMC either next year or the year after

Roberta DeJongh
Roberta DeJongh

I hope so--we just have to wait and see and dream big. LET'S GO ISLANDERS!!!!!!!!!!!!!!!!!!!!!

Rita Whitty
Rita Whitty

Bryan,s favorite. Boy could he switch shifts to go to a game!

Jason Zimmermann
Jason Zimmermann

Bring back Bruno Gervais, get DP back between the pipes, and make Josh Bailey captain!

Andrew J. Eva
Andrew J. Eva

i hope they move them to saeatle spo greky cant have a chance to get the rangers there

Jerry Mayer
Jerry Mayer

But the whole crew will still be there for 2 more years

steviel
steviel

Well played Mr.Wang. You can't run a Hockey team for squat but you sure do know how to make millions! Give the man credit!Held the franchise hostage and operated on a shoe string budget, hired amateurs to run the team and then sells a majority stake in the team for top dollar, relinquishes the day to day operations and still retains a partial ownership. Hard to question the mans business sense.  However it is a disgrace how you operated this once great franchise. Enjoy your millions! Rest assured Islander nation is happy you are gone!    

Nick Cestare
Nick Cestare

Good, now keep us in local and get out of Brooklyn deal

Vincent D'Aguanno
Vincent D'Aguanno

Wow the islanders just keep getting better and better Bon voyage have fun in Brooklyn

Troy Piercy
Troy Piercy

THANK GOD......First line of new business....Garth Snow.........YOU'RE FIREDDDDDDDDDDDDDDDDDDDDDDDD

Trex Janmec Samson
Trex Janmec Samson

The Isles expired their contract lease in one year in The Coliseum after they signed for 25 years contract in Newly built Barclays Center in Brooklyn. This gonna serve as a new home for the Isles together with Nets.

Karen Nassef
Karen Nassef

Go Islanders.....Maybe the playoffs... Maybe the Stanley Cup?

Jeff Robelen
Jeff Robelen

Too bad, I was hoping Wang would sell the team to Al Czervik, or at least Ty Webb.

Chris Graz
Chris Graz

2 years is really long time.maybe they will take over sooner.

Chris Graz
Chris Graz

Great news for sure by snow and caps.

jepliberty
jepliberty

@finnmaccul Oh oh you're going to get that Bklyn guy angry with you for that statement.

jepliberty
jepliberty


He deserved it, for all the very, very bad decisions

Macacawitz
Macacawitz

You mean the money he stole from CA, right?

fan42long
fan42long

And a lot of it was due to poor decisions, that led to bad hockey teams. NVMC would be packed every night if there was a quality product on the ice.

Isleguy27
Isleguy27

That's bleeping hilarious zimmermann…I don't know how you keep coming up with these hilarious comments. Lol

fan42long
fan42long

@steviel Cheers! If Mr. Wang needs a lift home I'll be happy to assist.

tpjm
tpjm

Dream on. The sale ONLY happened because of the BROOKLYN deal. Denial isn't just a river in Egypt.

fan42long
fan42long

Not while Wang holds that majority stake. Snow is here for at least another 2 years. 

He actually had a decent off-season. But man, the Vanek debacle alone is enough reason to send him to the unemployment line.

rmbbanned
rmbbanned

@fan: wouldn't matter. The more spent on payroll, the greater the losses. Take a look at how the money spent at NVMC was divided. Old building with awful lease terms. Both of those things were inherited by Wang. He spent 10 years trying to change them, and then he left.

In 2015, the Franchise is in Brooklyn, NVMC gets renovated to house a minor league team, and Wang just sold the controlling interest in the team for about $500 million.

fan42long
fan42long

And lighthouse project was doomed to fail from the start.Yet Wang insisted on pushing it. Where was the precedent? A deal could have been done in Uniondale, as long as the deal made sense. The Islanders needed an arena, Wang wanted a small city. End result, the Islanders move to Brooklyn and The Coliseum will be rebuilt anyway.

fan42long
fan42long

@rmbbanned And I'm happy to see him go. If these guys are legitimate owners, they will hire legitimate people to run the organization. GM, Coach, Scouts, etc. The entire thing.