- NHL approves sale of New York Islanders
- Penguins' Sidney Crosby to play against Red Wings
- Blue Jackets forward Boone Jenner out indefinitely with broken hand
- Stars ink forward Cody Eakin to two-year deal
- Bruins keep key pieces Torey Krug and Reilly Smith
- Red Wings forward Gustav Nyquist not injured seriously
- Leafs' Stephane Robidas cleared for contact, eyes Oct.3 return
- Left wing Jaden Schwartz inks two-year deal with Blues
- Goaltender Jacob Markstrom placed on waivers by Canucks
- Predators lock in Ryan Ellis to five-year deal
- Blues to rest 'banged up' forward Alexander Steen
- Separated right shoulder to sideline Pavel Datsyuk for one month
- Maple Leafs, Canadiens renew rivalry at Molson Canadian Face-Off
- Hurricanes' Jordan Staal breaks leg in preseason game
- NHL boss: Proactive stance on off-ice conduct helps prevent scandals
- NHL, EPIX form partnership to produce two-part original series
- Lightning center Steven Stamkos delighted with return to ice
- Rangers' Derek Stepan missed preseason opener with bruised foot
- Senators forward Bobby Ryan injured in training
- Lightning prospect Jonathan Drouin suffers upper-body injury
NHL approves sale of New York Islanders
Wed, 01 Oct 2014 16:38:31 +0000
New York, NY, United States (4E Sports) - The sale of the New York Islanders to a group led by former Washington Capitals owner Jonathan Ledecky and London-based investor Scott Malkin has been unanimously approved Tuesday by the NHL Board of Governors.
The sale has not been finalized, but Commissioner Gary Bettman anticipates the documentation of the sale to be completed next week.
Under terms of the agreement, current owner Charles Wang will continue as majority owner until 2016 before transitioning his shares to a minority stake.
The two-year wait was to help the franchise's move from Nassau Coliseum on Long Island to Brooklyn's Barclays Center in the 2015-16 season.
Wang had initially agreed to sell the team to hedge fund manager Andrew Barroway for $420 million but backed out.
Barroway alleged that Wang wanted to up the price after the Los Angeles Clippers sold for $2 billion.
It was reported that Wang agreed to sell the team to investment firm Peak Ridge Capital on July 28, the same day he supposedly asked that Barroway for a $548 million price-tag.