New York Islanders Announce Change in Ownership

A deal that will introduce a pair of new majority owners to the Islanders is now pending NHL approval.

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A new home venue is not the only change in the New York Islander’s near future. According to a statement released by the team on Tuesday, August 19, the Islanders will also be under new ownership.

A group led by Jon Ledecky, former co-owner of the Washington Capitals, and London-based investor Scott Malkin has reached an agreement with current owner, Charles Wang, to purchase “a substantial minority interest in the team.” Wang will retain majority ownership for the Islanders’ final season in Nassau Coliseum and as they transition into Brooklyn’s Barclays Center next year; however, Ledecky and Malkin will take majority control after two years’ time.

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.

"I'm thrilled that Jon and Scott have agreed to join me as we start the Islanders’ final year at Nassau Veterans Memorial Coliseum," said Wang. "I look forward to a long and successful partnership."

No details on the cost to be paid by Ledecky and Malkin have been announced, and the team has not divulged how large of a stake Wang will maintain after the two-year transitory period.

The deal is still pending approval from the NHL’s board of governors, and the team has stated it will make no further comments on the subject until after he league completes its process for franchise ownership transfer.

The Islanders have only made the postseason once in the last seven years, and will hope for a reversal of fortune as they move approximately 30 miles west from Uniondale to Brooklyn.

[Source: NY Islanders]