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Islanders' sale from Charles Wang to Jonathan Ledecky, Scott Malkin finalized

Jonathan Ledecky, left, and Scott D. Malkin.

Jonathan Ledecky, left, and Scott D. Malkin. Photo Credit: AP / Pablo Martinez Monsivais, Getty Images / Daniel Berehulak

The Islanders confirmed Thursday the finalization of the sale of the team from Charles Wang to businessmen Jonathan Ledecky and Scott Malkin.

The new owners are scheduled to be introduced at a news conference Wednesday at Nassau Coliseum, where the team is set to begin its 43rd and final season there Saturday.

Yesterday's announcement came nine days after the sale received unanimous approval from the NHL's Board of Governors. At the time, commissioner Gary Bettman said some details needed to be finalized but that the goal was to close the deal before the Islanders' regular-season opener Friday night in Carolina against the Hurricanes.

Under the terms of the deal, Ledecky and Malkin initially will own a minority stake, then assume majority control two years from now, with Wang becoming a minority owner.

Bettman said last week no issues were raised by the Board of Governors -- which is composed of representatives of all 30 NHL teams -- regarding Wang's insistence on a two-year period of ceding control. Bettman also said the deal "provides an orderly transition, which was important to Charles."

The initial agreement between Wang and the new owners was announced Aug. 19. Financial terms have not been disclosed, but franchise values in all major pro sports have been rising rapidly.

Ledecky was chairman of Lincoln Holdings, which held interests in the NHL's Washington Capitals and the NBA's Washington Wizards. Malkin is chairman of UK-based Value Retail, a syndicator of high-end European retail outlets. The two were roommates at Harvard in the late 1970s.

Bettman said last week that Ledecky and Malkin would "bring in some additional ownership expertise, resources."

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