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Islanders announce new ownership structure

Tuesday, 08.19.2014 / 1:57 PM / News

NHL.com

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Islanders announce new ownership structure
Charles Wang has agreed, pending League approval, to sell a minority stake in the New York Islanders to a group led by Jon Ledecky and Scott Malkin, with the plan to transition to a majority stake in two years.

The New York Islanders announced Tuesday that former Washington Capitals co-owner Jon Ledecky and investor Scott Malkin have reached an agreement to purchase a substantial minority interest in the team.

Under terms of the agreement, Charles Wang will continue as majority shareholder and governor of the Islanders, with the Ledecky/Malkin group transitioning to majority ownership in two years.

The sale is pending approval of the NHL Board of Governors.

"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.

Wang became a part-owner of the Islanders in 2000 and has been the sole owner since 2004. During his ownership the Islanders have been to the Stanley Cup Playoffs five times but never advanced past the first round.

The Islanders are scheduled to move into Barclays Center in Brooklyn for the 2015-16 season.

"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."

Quote of the Day

I'm very excited about what happened today. We've worked on this deal with Toronto for a month, or over a month. It got a little bit of legs on draft day, but it really heated up last night, and we were able to complete the deal today.

— Penguins GM Jim Rutherford on Phil Kessel, who he acquired from the Maple Leafs in a trade on Wednesday