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.