from Jim Baumbach of Newsday,

NHL owners on Wednesday approved the transfer of majority ownership in the Islanders from Charles Wang to the duo of Scott Malkin and Jonathan Ledecky, commissioner Gary Bettman said. The vote took place at the league’s board of governors meeting in Las Vegas.

Bettman said Malkin and Ledecky will own 85 percent of the team and Wang will retain a 15-percent share.

The deal, agreed to in September 2014, valued the Islanders at about $485 million and included an unusual stipulation that Malkin and Ledecky spend two seasons as minority owners before taking over control of the team this summer.

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