The saga of the Islanders’ ownership situation has seemingly come to a close, as Charles Wang has agreed to sell a majority stake of the struggling NHL franchise to a group that includes former Capitals owner Jonathan Ledecky and London-based investor Scott Malkin.
The exact terms of the deal were not immediately made available – and it still needs to be approved by the NHL Board of Governors – but one league source said it would be safe to say it is in the ballpark of $548 million.
That was the number mentioned in a lawsuit brought against Wang two weeks ago by hedge-fund honcho Andrew Barroway, who said he had a handshake agreement with Wang to acquire the team for $420 million before Wang backed out, citing “another offer” and changing his asking price to $548 million.
Several sports investment bankers, however, have told The Post’s Josh Kosman in recent days they doubt the Islanders would sell for north of Barroway’s $420 million offer.
Barroway is now suing Wang for $10 million, and though it’s unlikely, it’s possible that lawsuit could throw a wrench into the consummation of the current deal – if Barroway chose to do so.
The league source said it is safe to assume the “other deal” mentioned in Barroway’s lawsuit is this one. It does not give Ledecky and Malkin majority ownership for another two years.
The Islanders are set to play their final season at Nassau Coliseum beginning in October. They will make their home at Brooklyn’s Barclays Center, also home to the Nets, starting with the 2015-16 season.
“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.”
According to reports, Ledecky had been trying to get back into sports ownership since selling the last piece of the Capitals to current owner Ted Leonsis in 2001. He then found the Islanders, who have made the playoffs once in the past seven seasons, and haven’t won a postseason series since 1993. The franchise played its inaugural season in 1972, and won four consecutive Stanley Cups from 1980-83.
“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 the same statement, one that also stipulated there would be no further comment from either party until the sale is approved by the league.