NEW YORK -- The sale of an escalating interest in the New York Islanders to Jonathan Ledecky and Scott Malkin was approved by the NHL's Board of Governors on Tuesday.
Under the terms of the sale agreement, Ledecky and Malkin are purchasing a minority interest in the Islanders from Charles Wang that will transition into a majority interest in two years. Wang will maintain his status as majority owner until the interest transfers.
NHL Commissioner Gary Bettman said the sale is not final because it needs to close, but the hope is that it will be completed before the start of the regular season next week.
"It's not going to happen tomorrow because there is some work to do, but I think they're probably shooting to get it done before the start of the season next week," Commissioner Bettman said. "If they miss it, that doesn't mean anything bad."