Tuesday afternoon, it was announced that the New York Islanders are being sold to Jon Ledecky, a former Washington Capitals co-owner, and Scott Malkin, a London-based investor.
Financial figures have not been disclosed yet, and the Islanders have stated that there will be no comments until the official approval by the NHL.
Charles Wang, the current owner of the Islanders has been majority owner of the team since 2004. He was part-owner in 2000, however he later bought out Sanjay Kumar’s portion of the team to become full-owner.
Wang will remain the majority stockholder of the team for two years. Ledecky and Malkin will have minority interest for those two years, and after that, the majority ownership will then transfer to them.
“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.” – Islanders on NHL.com
This sale is surprising to many, as it was just months ago that it looked as if the Islanders were going to be sold to Andrew Barroway.
Barroway, a Philadelphia-based lawyer, has claimed that Wang refused to proceed with a deal that Barroway and Wang supposedly shook hands on.
Barroway is asking the state Supreme Court to enforce the deal, and if not, award him with $10 million.
The New York Islanders will play their last season at the Nassau Veterans Memorial Coliseum in the upcoming season. After the season is over, they will become the Brooklyn Islanders, sharing Barclays Center with the Brooklyn Nets.
This post will be updated when new information is released.
Tags: New York Islanders