Monday, September 22, 2014

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Islanders' Owner Agrees to Sell Stake in Team

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TWC News: Islanders' Owner Agrees to Sell Stake in Team
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A change of ownership is in the works for one of New York's professional sports teams.

New York Islanders owner Charles Wang has agreed to sell a stake in the the team to former Washington Capitals owner Jonathan Ledecky and investor Scott Malkin.

Ledecky and Malkin will be minority owners for the first two years before they take over majority ownership of the team.

The Islanders were once the gold standard for the National Hockey League, winning four consecutive Stanley Cups from 1980-1983, but the team and its fans have suffered since. They've made the playoffs only six times in the last 20 seasons, losing in the first round each time.

Wang became co-owner of the Islanders in 2000 and majority owner in 2004.

He tried for years to get a new arena built on Long Island to replace the aging Nassau Coliseum. When that failed, he announced plans to move the Islanders to Brooklyn after this season, where they've got a 25-year lease at Barclays Center.

The sale is pending approval of the NHL's board of governors.

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