Yesterday, the Islanders sold a minority stake of the team to former Capitals co-owner Jon Ledecky and investor Scott Malkin. No terms were announced. Current owner Charles Wang retained a majority for the next two years. Once it’s up, the partnership of Ledecky and Malkin will take over ownership. The deal must still get approved by the NHL board of governors in September. They also meet again 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 in a statement Tuesday.

 

“I’m thrilled that Jon and Scott have agreed to join me as we start the Islanders’ final year at Nassau Veterans Memorial Coliseum,” Wang said. “I look forward to a long and successful partnership.”

Wang became a part-owner of the franchise with partner Sanjay Kumar in 2000. The co-founder and CEO of Computer Associates International, Inc. (CA Technologies) bought out Kumar’s investment share in 2004 to become majority owner. Since the cancellation of the 2004-05 season, the Islanders have struggled only qualifying for the playoffs twice. Their last appearance was during the abbreviated 2012-13 season when a John Tavares-led team pushed the Penguins to six games before getting eliminated in the first round. Unfortunately, they weren’t able to follow up that success finishing last in the Metropolitan Division with 79 points. 

Following the disappointment of his proposed Light House Project being voted down by Nassau County, Wang was able to keep the team in New York by reaching agreement for the franchise to move to Brooklyn and play at Barclays Center in 2015. The Islanders’ lease with Nassau Coliseum expires following the upcoming season. Amazingly, it will be the final one at the only arena they’ve known since entering the NHL in 1972. It promises to be an emotional year for Long Island.