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ISLES SOLD - AGAIN! For real this time.

August 19, 2014, 1:24 PM ET [10 Comments]
Dee Karl
New York Islanders Blogger • RSSArchiveCONTACT
Newsday Reporter Arthur Staple has breaking news on Twitter that says that Charles Wang has sold the team to Jonathan Ledecky, the former co-owner of the Washington Capitals and Scott Malkin.

The sale is pending the BOG approval. No financial terms have been released but Staple says they will hold a minority interest in the team for the next two years before assuming majority control.

Amazing how Art can report this via Twitter while he is in Prague.

This breaking news will certainly not do anything for the Isles pending lawsuit filed by Barroway.

Aweee -- what's another 10 million anyway?

Chump change.

The official NY Islanders Press Release & the Last word on the subject from them:

FOR IMMEDIATE RELEASE
ISLANDERS ANNOUNCE NEW OWNERSHIP STRUCTURE
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.


What this actually tells me is that CBW didn't like the Barroway deal and what he wanted to do with it. This deal gives Charles an interest in the team for this year and for the first year in Brooklyn. This was his heart. He gets to see how it fares in it's new home.

Brett Cyrgalis ‏@BrettCyrgalis · 31m
A single league source says it's safe to assume this sale was "the other deal" mentioned in the Barroway lawsuit. Ballpark $548m. #Isles



Wow. Just Wow.
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