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.

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