It appears that Charles Wang is finally on his last years as the owner of the New York Islanders. According to Arthur Staple of Newsday, Wang has agreed to sell the New York Islanders to Jonathan Ledecky and investor Scott Malkin.
The terms of the sale aren’t immediately known.
Ledecky is the former co-owner of the Washington Capitals back during the turn of the century, but has been out of the sports world during the last decade or so.
Staple reports that Ledecky and Malkin will hold a minority interest in the Islanders for the next two years as the transition of ownership takes place. After the next two years, so in 2016, the two men will assume majority control of the organization.
The deal will have to be approved by the NHL’s Board of Governors, which is expected to happen.
BREAKING NEWS: Charles Wang has agreed to sell the #Isles to John Ledecky, former co-owner of the Capitals, and investor Scott Malkin.
— Arthur Staple (@StapeNewsday) August 19, 2014
The way the transfer of ownership plays out will allow Wang to control the team during its final season on Long Island at the Nassau Veterans Memorial Coliseum as well as during the team’s first year at its new home, the Barclays Center in Brooklyn.
Wang and the arena agreed to a 25-year lease prior to the 2013-14 season. The Islanders begin play in Brooklyn during the 2015-16 season.