How about that folks, the New York Islanders have been sold! You read that right…SOLD! What started out as a quiet normal Tuesday morning took a complete 360 turn and made every Islander fan and myself the happiest people in New York. Arthur Staple broke the news.
The new owners will be Jonathan Ledecky who co-owned the Washington Capitals and investor Scott Malkin. Staple reports that Wang will control a majority of the team for the next two years which effectively means this year and the first year at the Barclays. Then he concedes all majority ownership to Ledecky and Malkin after that.
This comes only a week after reports that Andrew Barroway sued Charles Wang for $10 million for pulling out of an “agreement”. That lawsuit is likely not going anywhere at this point and likely had no merit anyway.
As per the press release on the Islanders site “UNIONDALE, NY (August 19, 2014) – The New York Islanders announced today that 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."
There will be no further comment until the NHL completes its franchise ownership transfer process.”
Let’s recap what has already been a crazy and exciting summer. The Islanders went and signed Jaroslav Halak, Cory Conacher, Chad Johnson, Mikhail Grabovski and Nikolai Kulemin to show the fans that they are committed to win in their last year at the Old Barn.
Now begs the question of how safe are Jack Capuano and Garth Snow? Like many have stated on Twitter new owners usually brings new personnel. Whether or not that comes to fruition or not, time will tell. There was no question that Snow was feeling the heat last year because of the teams failure to make the playoffs.
With the news coming today, the Islanders look to the future with the hope of winning their fifth Stanley Cup.
The sale is now contingent on the board of governor’s approval, which should take place in the near future now that everything is signed and delivered.