from Newsday,

The NHL Board of Governors has approved the sale of the Islanders from Charles Wang to Jonathan Ledecky and Scott Malkin, NHL commissioner Gary Bettman announced Tuesday.

The deal, which Bettman said has not been finalized, calls for Ledecky and Malkin to own a minority stake in the team once the deal is complete. They will assume majority control of the team in two years, with Wang remaining a minority owner.

Bettman told reporters the deal "provides an orderly transition, which was important to Charles."

continued

added 7:02pm,

NEW YORK (Sept. 30, 2014) -- The National Hockey League’s Board of Governors today unanimously approved the purchase of a minority stake in the New York Islanders by Scott Malkin and Jonathan Ledecky. The purchase remains subject to completion of documentation and further League review before the transaction can be closed.