Kukla's Korner Hockey
New York Islanders Announce Group Has Purchased A Minority Interest In The Team
by Paul on 08/19/14 at 12:41 PM ET
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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.
added 1:49pm, from Arthur Staple of Newsday,
Charles Wang has agreed to sell a minority stake in the Islanders to Jonathan Ledecky, a former co-owner of the Capitals, and investor Scott Malkin, according to a high-ranking NHL source. Ledecky and Malkin will assume majority control of the team in two years.
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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.
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A great day? Perhaps in 2 years till that clown Wang is gone - but - I suppose this is a step in the right direction.
Posted by Kaszycki and his Krew on 08/19/14 at 03:34 PM ET