Charles Wang Reaches Agreement To Sell New York Islanders

Ownership of the New York Islanders finally appears to be changing hands.

The Islanders announced Tuesday that former Washington Capitals co-owner Jonathan Ledecky and investor Scott Malkin have agreed to purchase a substantial minority interest in the team.

The news was first reported by Newsday’s Arthur Staple.

It’s unclear how much the deal is worth, but the succession plan has been established. Current owner Charles Wang will continue as the majority owner and governor for two more years before the new ownership takes over the majority stake.

“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 club in 2000 and eventually became the principal owner in 2004. The Islanders are entering their final season on Long Island. Starting with the 2015-16 season, the Islanders will call Brooklyn home.

The Isles have reached the Stanley Cup playoffs just once in the last eight seasons and have advanced beyond the first round since 1993.

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