Charles Wang reaches deal to sell Islanders to group led by Jon Ledecky, Scott Malkin

A deal is in place for a group led by former Washington Capitals co-owner Jon Ledecky and investor Scott Malkin to purchase a "substantial minority

NEW YORK, NY - OCTOBER 24: New York

NEW YORK, NY - OCTOBER 24: New York Islanders owner Charles Wang announces the team's move to the Barclay Center in 2015 at a press conference at the Barclays Center on Oct. 24, 2012 in the Brooklyn. (Credit: Bruce Bennett/Getty Images)

UNIONDALE - The Islanders announced today that a deal is in place to sell a “substantial minority interest” and eventually majority ownership of the team, pending league approval.

The team announced today that an agreement has been reached to sell a minority interest in the team to a group led by former Washington Capitals co-owner Jon Ledecky and investor Scott Malkin.

Ledecky and Malkin’s group will transition to majority owner in two years.

This coming season will be the Islanders’ last at Nassau Veterans Memorial Coliseum before the team moves to Brooklyn.

advertisement | advertise on News 12

Trending Video

Eligible Brownsville residents have until May 24 to 1 Housing lottery deadline in Brownsville quickly approaching
The Brooklyn Public Library unveiled its 2 Brooklyn Public Library gets 'wild' with new cards
3 VIDEO: Police precinct adopts cat as mascot
Two people were injured in a shooting Tuesday 4 Bed-Stuy bodega shooting injures 2 people
5 Word on the Street: Reserved mall parking

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE