Islanders announce sale of minority stake of club (Yahoo Sports)

[ASFN Admin]

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The New York Islanders are selling a minority stake of the team, with a former Washington Capitals co-owner and a London-based investor to become full owners in two years. The hockey team said Tuesday a group led by former Capitals co-owner Jon Ledecky and investor Scott Malkin agreed to buy a ''substantial'' minority interest. Under the agreement, current owner Charles Wang will continue as majority stockholder for two years, the team said in a statement. ''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,'' Ledecky said in a statement.




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[Shaggy]

Were the Islanders hurting for cash? I though they were a decent club? Why did they decide to sell the majority of the team?

 

[GiantCardFan]

Were the Islanders hurting for cash? I though they were a decent club? Why did they decide to sell the majority of the team?

I had Islander season tickets from season 2 to season 11, I believe. Got to see all 4 Stanley cups. I pretty much stopped following the team after the last Cup year for various reasons. I think they've pretty much been the worst team in the NHL, or close to it, during that time. Wang was a disaster- poor hiring and a lack of money. This sale is a godsend to Islander fans.