Uniondale, NY (SportsNetwork.com) - Charles Wang has a deal in place to eventually transfer ownership of the New York Islanders to a group led by Jon Ledecky, the team announced Tuesday.
Ledecky, a former co-owner of the Washington Capitals, and London-based investor Scott Malkin reached an agreement to purchase a substantial minority interest in the team. The group will then take over majority ownership in two years.
Wang will continue as majority shareholder and governor of the Islanders during that time.
The sale is subject to approval by the NHL Board of Governors.
"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.
Wang became a part-owner of the Islanders in 2000 and has been the sole owner since 2004.
"I'm thrilled that Jon and Scott have agreed to join me as we start the Islanders' final year at Nassau Veterans Memorial Coliseum," Wang said in a statement. "I look forward to a long and successful partnership."
The Islanders will move to Brooklyn's Barclays Center in 2015.