NHL Board of Governors approve the sale of Islanders to Jon Ledecky and Scott Malkin
The sale of the New York Islanders from widely loathed CA Technologies co-founder Charles Wang to former Washington Capitals co-owner Jon Ledecky and London-based financier Scott Malkin was approved in a surprise move by the NHL's Board of Governors on Tuesday, according to a report from Sportsnet's Chris Johnston.
NHL Commissioner Gary Bettman told NHL.com's Dan Rosen that the Board of Governors approved the sale, which hasn't closed yet, unanimously. The hope is that the deal will close before the start of the season.
The sale includes a transitional period of two years, during which time Ledecky and Malkin will be minority owners with a 10 percent stake in the franchise. Thereafter they'll assume majority ownership of the club from Wang, although New York's current owner will retain a stake in the club:
Charles Wang will maintain a minority interest in the #NYI as part of new ownership group.
— Chris Johnston (@reporterchris) September 30, 2014
"We are pleased to have the opportunity to become partners in the New York Islanders with Charles, and to pursue our shared dream of winning a fifth Stanley Cup for the greatest fans in the NHL," Ledecky said shortly after the agreement was first made public back in August.
"Personally I like them and find them engaging," NHL Commissioner Gary Bettman said of Ledecky and Malkin in September. "This is an exciting opportunity for the franchise moving forward."