Islanders announce sale of minority stake of club
UNIONDALE, N.Y. (AP) The New York Islanders are selling a minority stake of the team, with a former Washington Capitals co-owner and a London-based investor to become full owners in two years.
The hockey team said Tuesday a group led by former Capitals co-owner Jon Ledecky and investor Scott Malkin agreed to buy a "substantial" minority interest. Terms weren't immediately disclosed.
Under the agreement, current owner Charles Wang will continue as majority stockholder for two years, the team said in a statement. At that point, ownership will transfer to the Ledecky-Malkin group.