Aug 19, 2014, 1:35 PM EDT
Huge news from Long Island on Tuesday — per Newsday, Islanders owner Charles Wang has agreed to sell the team to a familiar face in NHL circles:
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
Ledecky and Malkin will hold a minority interest in #Isles for next two years and then assume majority control, per agreement.
— Arthur Staple (@StapeNewsday) August 19, 2014
Ledecky is best known as the former minority owner in Washington. In 2001, he sold his 24 percent share in the team to current owner Ted Leonsis which, according to the Washington Times, would allow Ledecky to pursue buying another sports franchise:
Leonsis and Ledecky did not disclose a price for the transaction, but Ledecky, a well-known District entrepreneur, said he made a “healthy, 10-figure profit” on the $58 million he invested in May 1999.
Ledecky is now free to pursue a pro sports team of his own, as has been his long-stated ambition. He unsuccessfully sought interests in the Los Angeles Dodgers and Cincinnati Reds before purchasing the Caps from [Abe] Pollin two years ago, and last fall he came close to buying the Montreal Canadiens.
As for Wang, this move would end his lengthy, contentious ownership of the Isles. Reports have been surfacing for months about his desire to sell the team, this after the failed Lighthouse Project and mounting financial losses. The 69-year-old became part-owner of the Isles in 2000, then assumed majority control in 2004 after buying out partner Sanjay Kumar. The team has struggled both on the ice and financially since Wang’s been aboard, making the playoffs just two times while reportedly losing an estimated $10 million per season.
As mentioned, Wang also spearheaded the now-defunct Lighthouse Project — a proposal to transform the Nassau Coliseum and surrounding area into a modern suburban locale — which was voted down in 2011, two years after Wang said he regretted buying the Isles in the first place.
“If I had the chance I wouldn’t do it again,” Wang told Newsday at the time. “Never in my life, would I have anticipated this thing [Lighthouse Project] could be dragged out for seven, eight years.”
Should the sale to Ledecky and Malkin be approved by the NHL’s Board of Governors, it’ll mark a change in ownership just one year before the Isles leave Long Island and relocate to Brooklyn, where they’ll play at the Barclays Center beginning in 2015-16.
UPDATE: The Isles have addressed and confirmed the transaction, courtesy this statement…
A group led by former Washington Capitals co-owner Jon Ledecky and London based investor Scott Malkin has reached a definitive agreement, subject to NHL approval, to purchase a substantial minority interest in the team. Under the terms of the agreement, Charles Wang will continue as majority shareholder and Governor of the Islanders, with the Ledecky/Malkin group transitioning to majority owner in two years.
“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,” Mr. Ledecky said.
“I’m thrilled that Jon and Scott have agreed to join me as we start the Islanders’ final year at Nassau Veterans Memorial Coliseum,” Mr. Wang said. “I look forward to a long and successful partnership.”
Told that Isles sale will likely go to Board of Governors for approval in December
— Katie Strang (@KatieStrangESPN) August 19, 2014
Apr 26, 2015, 9:12 PM EDT
Montreal will now play either Detroit or Tampa Bay.
Apr 26, 2015, 8:17 PM EDT
Oshie thinks the core has “been playing some pretty good games since the playoffs.”
Apr 26, 2015, 7:42 PM EDT
Montreal had a 1-0 lead at the time.
Apr 26, 2015, 6:58 PM EDT
They got a big task ahead of them.
Apr 26, 2015, 6:20 PM EDT
Habs and Wild look to advance with Game 6 wins.
Apr 26, 2015, 6:18 PM EDT
Minnesota’s earned the right to challenge Chicago again.
Apr 26, 2015, 5:45 PM EDT
He’ll undergo further testing in the not too distant future.
Apr 26, 2015, 4:58 PM EDT
Brian Elliott is on in relief.
Apr 26, 2015, 4:15 PM EDT
That’s one Allen has to have.
Apr 26, 2015, 3:45 PM EDT
He suffered two concussions this season.
Apr 26, 2015, 2:00 PM EDT
The newly appointed Edmonton executive is already busy in his new role.
Apr 26, 2015, 1:15 PM EDT
Eric Fehr would be ready for the second round.
Apr 26, 2015, 12:30 PM EDT
Philly fired Craig Berube on April 17.
Apr 26, 2015, 12:00 PM EDT
He last played at the 2006 tournament.
Apr 26, 2015, 11:30 AM EDT
He didn’t play the second half of Friday night’s win.
Apr 26, 2015, 11:15 AM EDT
Chorney and Dumoulin could also head back to Wilkes-Barre for their playoff run.
Apr 26, 2015, 10:30 AM EDT
He’s been a healthy scratch for three games.
Apr 26, 2015, 9:45 AM EDT
Blues and Sens need wins to force Game 7
Apr 26, 2015, 12:07 AM EDT
Another big rally at the Saddledome.
Apr 25, 2015, 11:03 PM EDT
A six-game series that felt like (at least) seven.
- Price makes 43 saves as Senators’ magical run ends in controversy 5
- Video: Fast whistle costs Senators potentially critical goal 10
- WATCH LIVE: Today’s Stanley Cup playoff action 3
- Another Blues campaign ends in disappoint as Wild advance 80
- Crosby joining Team Canada at Worlds 16
- Here’s your Stanley Cup playoff TV schedule for today 12
- One more time, with feeling: Flames stage yet another comeback, eliminate Vancouver 25
- Keith conquers: Blackhawks come back, eliminate Predators 49
- Red Wings smother Lightning, take 3-2 series lead 23
- Going the distance: Isles edge Caps to force Game 7 43
- Too little, too late: Rangers stifle Penguins for 2-1 series lead (114)
- It’s Done: Rangers eliminate Penguins in overtime (108)
- Bettman under fire after saying ‘Katy Perry’ chant wasn’t sexist (92)
- Okposo blasts ‘idiot’ Wilson after physical outing versus Isles (82)
- Another Blues campaign ends in disappoint as Wild advance (80)