Agreement reached to sell New York Islanders

Hockey fan Tim Watson of New York takes a cell phone photo of himself with New York Islanders owner...

Hockey fan Tim Watson of New York takes a cell phone photo of himself with New York Islanders owner Charles Wang following the announcement that the Islanders will move to the Barclays Center in Brooklyn on October 24, 2012. (REUTERS/Andrew Kelly)

The Sports Xchange

, Last Updated: 2:19 PM ET

New York Islanders majority owner Charles Wang has a buyer for the NHL franchise.

A group led by former Washington Capitals co-owner Jon Ledecky and London-based investor Scott Malkin reached an agreement to purchase a minority interest in the team and will become majority owners in two years, the team announced Tuesday. The deal is subject to NHL approval.

Terms of the agreement call for Wang will remain the majority shareholder and governor of the Islanders for the next 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," Ledecky said.

Wang had tried to sell the team earlier this summer but was sued by businessman Andrew Barroway, who claimed that Wang backed out of a $420 million agreement for the team in March.

"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."

The Islanders will move to the Barclays Center in Brooklyn in 2015.


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