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Report: New York Islanders Sold For $485 Million

By Catherine Silverman

Sep 21, 2013; Brooklyn, NY, USA; Barclays Center executive director Bruce Ratner (left) and New York Islanders owner Charles Wang drop the puck with New Jersey Devils left wing Patrik Elias (26) and New York Islanders center John Tavares (91) at Barclays Center. Mandatory Credit: Anthony Gruppuso-USA TODAY Sports
Sep 21, 2013; Brooklyn, NY, USA; Barclays Center executive director Bruce Ratner (left) and New York Islanders owner Charles Wang drop the puck with New Jersey Devils left wing Patrik Elias (26) and New York Islanders center John Tavares (91) at Barclays Center. Mandatory Credit: Anthony Gruppuso-USA TODAY Sports /
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The New York Islanders have been purchased from Charles Wang for $485 million

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Charles Wang, who has been the sole owner of the New York Islanders since 2004, has finally gotten the team off his hands- at a pretty hefty price tag.

Just weeks after the Arizona Coyotes sold a 51 percent share of their own franchise to Andrew Barroway for roughly $300 million, the Islanders have been sold as well- for over one a half times what the Coyotes went for.

According to Forbes reports, the team has been purchased for $485 million by Jonathan Ledecky and Scott Malkin- interestingly enough, a sum not much higher than that Barroway and his group of investors had originally sought to purchase the team for earlier in the year.

Barroway had been filing a lawsuit against Wang for dropping his sale agreement with the now-majority owner of the Coyotes, insisting that the deal had been all but completed when Wang insisted that he wanted well over $500 million for the team instead. The lawsuit was dropped just a few weeks ago, when Barroway signed off on the deal in Arizona, and now the Islanders have been purchased by those who had initially been competing with Barroway for the East Coast franchise.

Both teams were purchased this fall for over three times what they had initially been purchased for, but this is hardly surprising; the Coyotes have entered into multiple partnership agreements in the past few months, and the Islanders seem to be over a decade-long slump.

Reports have not been officially confirmed on the sale; the league is expected to announce the deal in coming weeks.

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