Charles Wang agrees to sell Islanders
Ledecky, Malkin to Eventually Assume Majority Control of Team
Charles Wang, the man responsible for keeping the New York Islanders in the tri-state area and delivering them to us here in Downtown Brooklyn, is selling majority control of the NHL franchise to former Washington Capitals co-owner Jonathan Ledecky and investor Scott Malkin.
Under the agreement, financial terms of which have yet to be released, 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, which is expected by the end of the year.