- Charles Wang agrees to transfer Islanders' ownership to Jon Ledecky
- Steve Moore, Todd Bertuzzi reach settlement
- Maple Leafs ink forward William Nylander to entry-level contract
- Goaltender Michael Leighton inks one-year deal with Blackhawks
- NHL picks Buffalo as host of 2015, 2016 NHL Combine
- Former NHL official Kevin Collins honored in Chicopee, MA.
- Seattle's plan for an NHL expansion is back on track
- Blue Jackets prospect Sonny Milano to play for Whalers in OHL
- NHL MVP Sidney Crosby happy with right wrist healed
- Blackhawks' 24th pick from '10 Kevin Hayes now unrestricted free agent
- Wild goalies Harding, Backstrom gear up for training camp
- Forward Jakob Silfverberg signed by Ducks to one-year deal
- Ken Holland signs four-year deal to remain Red Wings GM
- Ex-Islanders legendary coach Al Arbour battling dementia
- Oilers sign No. 3 pick Leon Draisaitl to three-year deal
- Adjustments essential for Rangers after off-season moves
- Kings to retire Rob Blake's No. 4 jersey on Jan. 17
- NY ICE sues Isles's owner Charles Wang for breach of agreement
- Kings to build monument paying homage to Luc Robitaille
- AHL's Ryan Bourque agrees to contract terms with Rangers
Charles Wang agrees to transfer Islanders' ownership to Jon Ledecky
Tue, 19 Aug 2014 16:32:46 +0000
New York, NY, United States (4E Sports) - Majority owner Charles Wang announced that the ownership of the New York Islanders will be transferred to a group led by former Washington Capitals co-owner Jon Ledecky after the two sides reached an agreement.
Based on the agreement, Ledecky and London-based investor Scott Malkin will purchase "substantial minority interest" in the team, pending league approval by the NHL's Board of Governors, with the stipulation that the group would take over majority ownership in two years.
Wang would continue as the majority shareholder during that time while a source said a vote by the Board of Governors would likely happen in December.
"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 in a team-issued press release. "I look forward to a long and successful partnership."
"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, founded in 1972, will play their final season at the antiquated Nassau Coliseum before they move to Brooklyn's Barclays Center in 2015. The team signed a 25-year lease with the Barclays Center back in 2012.
The Islanders, who have missed the playoffs in seven of the last eight seasons, have hemorrhaged money in recent years. Talk about a potential sale of the team began this past spring, with hedge fund manager Andrew Barroway in talks to buy the team.
Ledecky will now become owner of his second NHL team, having previously sold his minority ownership in the Caps to current owner Ted Leonsis back in 2001.