from Mike Ozanian of Forbes,

Charles Wang has lost a lot of money with the New York Islanders since buying the NHL team in 2000 for $130 million, and he has explored selling the team several times. But last week Wang finally struck gold when he sold the team to Jonathan Ledecky and Scott Milkin. Under the terms of the deal Ledecky and Malkin will initially own a minority stake, but will assume majority control two years from now, with Wang staying in as a minority owner.

Price tag: $485 million, according to multiple sources familiar with the transaction but who are not authorized to speak about it publicly. That is a rich valuation when you consider that a year ago Vincent Viola acquired another troubled NHL team, the Florida Panthers, for an enterprise value (equity plus net debt) of just $160 million (the reported sale prices of the Panthers at the time of the deal–from $230 million to $250 million–were not enterprise values).

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