Surprise! NHL approves sale of New York Islanders
By Phil Watson
In a vote that was not expected to happen until December, the NHL’s Board of Governors unanimously approved the sale of a majority stake in the New York Islanders from Charles Wang to former Washington Capitals co-owner Jonathan Ledecky and investor Scott Malkin.
Commissioner Gary Bettman confirmed the vote to reporters on Tuesday, according to Dan Rosen of NHL.com, via Twitter:
Bettman says Isles sale unanimously approved. Not final yet b/c it hasn't been closed but hope is to have that done before season starts.
— Dan Rosen (@drosennhl) September 30, 2014
Isles sale was not on original agenda but a motion was made to vote on it after an update was given. Seconded and vote was unanimous.
— Dan Rosen (@drosennhl) September 30, 2014
It was announced last month that Wang had reached the deal to assume control after a two-year transitional period.
The approval of the Board of Governors allows Wang to close the sale and begin the transitional period, after which Wang will retain a minority interest in the franchise, according to Chris Johnston of Sportsnet.
Charles Wang will maintain a minority interest in the #NYI as part of new ownership group.
— Chris Johnston (@reporterchris) September 30, 2014
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The Islanders open their final season on Long Island before moving to the Barclays Center in Brooklyn for the 2015-16 season.
The franchise rapidly rose to NHL prominence after it launched in 1972-73, reaching the playoffs in its third year and winning four straight Stanley Cups from 1980-83.
But since a surprising run to the semifinals in 1993, it’s been more miss than hit for the Isles, who have not won a playoff series since then and have only reached the postseason six times in the last 20 seasons.
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