Let’s flashback to the night of July 1st. The Islanders had spent the first day of free agency signing a minor league defenseman and a good backup goalie. As usual, the sky was falling over Long Island. At no point did this organization instill any confidence that this offseason would be any different than offseasons of the past. However, July 2nd came around and the Islanders opened their wallets and brought in Mikhail Grabovski and Nikolai Kulemin. Jump forward to yesterday. The New York Islanders announced that Charles Wang has agreed to sell the team to Johnathan Ledecky and Scott Malkin. Just like that, in the course of a few weeks, this organization gave it's fans something that they have not had in years, hope.
With the news of the sale breaking yesterday, the story of Andrew Barroway suing Charles Wang for backing out of his original sale makes a little more sense now. Wang had to have this deal with Ledecky and Malkin in the works at the same time he was talking to Barroway. I still don’t love how Wang dealt with Barroway but that broken deal and lawsuit is for the courts to decide now.
Let’s focus on what we know today. There have been no specific numbers announced but it is believed that the sale is in upwards of 540 million dollars. Considering where this team has been the past seven years, that is quite a return. Wang will still be the majority owner of the team for two years with Ledecky on board as the minority owner. After two seasons, Ledecky and his group will take over majority control of the team.
“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,” said Ledecky in a statement that the Islanders released Tuesday afternoon. This is certainly a good first impression from Johnathan Ledecky. Ledecky is a Harvard graduate and was co-owner of the Washington Capitals and Washington Wizards. Ledecky is known as a person who likes to purchase “fixer companies” and make them successful. Well Johnathan, if fixing is your game, you will have plenty to do with the Islanders.
Scott Malkin has been friends with Ledecky since they were roommates at Harvard. Malkin is the chairman of Value Retail. This company is based out of the United Kingdom and is a chain of high-end retail outlets located throughout Europe.
The sale of the Islanders is now pending league approval from the NHL Board of Governors. There is still that little ten million dollar hurdle that Andrew Barroway placed last week by suing Charles Wang. I would have to believe that with half a billion dollars on the line, I do not think that ten million dollars will keep Wang from completing this sale with Ledecky and Barroway.
What does yesterday’s events mean for the Islander fans? The word that keeps popping in my head is stability. I cannot remember the last time the word stability and the Islanders fit in the same sentence. It is too early to tell but at least there is a clear course for the near future. Ledecky and Malkin will have input into this team’s direction even as minority owners. You do not pay that much money and sit on your hands for two years.
I can’t predict the future but we know what the next 24 months holds for us: one last season at the Coliseum, a new ownership group, a new home in Brooklyn, and maybe, just maybe, a significantly better hockey team. We all said if Charles Wang sold over the offseason that this summer would be a win. Between yesterday’s news and the moves made during free agency, Islanders fans actually have hope for this upcoming season. Honestly, with this team, I’ll take hope and see where our chips fall come October. As always for more on all things hockey please follow me on twitter at @DanDanNoodles78.
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