Charles Wang reaches deal to sell Islanders to group led by Jon Ledecky, Scott Malkin

NEW YORK, NY - OCTOBER 24: New York

NEW YORK, NY - OCTOBER 24: New York Islanders owner Charles Wang announces the team's move to the Barclay Center in 2015 at a press conference at the Barclays Center on Oct. 24, 2012 in the Brooklyn. (Credit: Bruce Bennett/Getty Images)

UNIONDALE - The Islanders announced today that a deal is in place to sell a “substantial minority interest” and eventually majority ownership of the team, pending league approval.

The team announced today that an agreement has been reached to sell a minority interest in the team to a group led by former Washington Capitals co-owner Jon Ledecky and investor Scott Malkin.

Ledecky and Malkin’s group will transition to majority owner in two years.

This coming season will be the Islanders’ last at Nassau Veterans Memorial Coliseum before the team moves to Brooklyn.

advertisement | advertise on News 12

Top 5 Must See

Suffolk fire officials say a house was gutted 1 House gutted by overnight fire in Oakdale
The owner of a Huntington church and food 2 Huntington food pantry owner says he is being targeted by neighbors, town
Developers want to build more than 150 new 3 Plans to expand Bayport senior apartment complex faces opposition
Officials say a pedestrian was struck and killed 4 Police say they caught woman who struck, killed man in Central Islip
News 12 is told the driver of the 5 Officials: 2 struck by car in Massapequa

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE