An investment group led by former Washington Capitals co-owner Jon Ledecky and Scott Malkin has struck a deal to acquire a “substantial” minority stake in the New York Islanders that will increase to a controlling shareholding in the National Hockey League franchise in two years’ time.
Current owner Charles Wang will continue as the majority shareholder until that point, the team said. The transaction must be approved by the NHL’s board of governors. The ownership plan is likely to be put to the board in December.
“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.