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.