A few weeks ago the New York Islanders sale was officially approved by the NHL Board of Governor, making Scott Malkin and Jonathan Ledecky joint owners with Charles Wang until they take over the majority share before the 2016-2017 season.
Today the organization will be introducing Ledecky and Malkin to the media as the team’s new owners.
The New York Islanders have been sold by current owner Charles Wang to an investment group led by former Washington Capitals co-owner, Jon Ledecky and investor Scott Malkin. Ledecky and Malkin have only purchased a minority stake of the team, leaving Wang in charge for the next two years.
Once the next two years pass, Ledecky and Malkin will become the full owners of the New York Islanders (Photo credit: Official New York Islanders/Flickr).
The NY Post published a story late last night on their web-site by Josh Kosman claiming that New York Islanders owner Charles Wang is looking to sell the team (Photo Credit: stayclassynet/Flickr).
According to the article, Wang has had preliminary discussions with a Manhattan investment bank called The Raine Group.
There have been rumors and discussions in the past on various hockey web-sites stating that Wang has been open to selling the team for somewhere around $300 million. However, the Islanders losing record over the years compacted with their massive financial losses may make that a tough price to sell.
The New York Islanders are heading straight towards the expiration of their lease with Nassau Coliseum in 2015 and still have no plan set for what will happen with the Hub, as well as the future of the Long Island's only professional sports team.
Recently, Nassau County Executive Ed Mangano released a statement to Newsday that he is looking for developers that are interested in developing the site. His plan would have a master developer renovate or construct a new Coliseum that could potentially keep the Islanders here.
However, Mangano's RFQ (Request for Qualification) would provide the master developer the right to share revenue with the Islanders while the team basically remained a tenant in a building that the owner had nothing to do with being built.
Can you see where this already seems like a "wait...what?" scenario?
In the last several days, Chris Botta and Ed Mangano released some comments for Islanders fans that feel that their team's stay in Nassau is in jeopardy. (Robert Kowal/Flickr)
Kate Murray's twitter comments in April did not give many Islanders fans the belief that the team would be staying in Nassau County after 2015. While there haven't been any rumblings or re-invigorated talks between Wang and Nassau County, Mangano provided a glimmer of hope when he stated:
Ed Mangano can repeat himself multiple times on Twitter, stating that he is doing everything he can in his "ongoing plans" to keep the Islanders in Uniondale, but NHL Commissioner Gary Bettman has made it clear: the Islanders will be leaving Nassau County in 2015.
A front page article was released in Newsday this weekend that had Bettman's words put directly on paper, making the harsh reality of the Islanders Coliseum problems look even more hopeless. He was quick to say that the Town of Hempstead and Nassau County have done a terrible job of trying to come up with a new plan to renovate the 40-year old arena. As a result, he is looking into other possible destinations for the New York Islanders.
The New York Islanders future has always been uncertain when it's come to whether or not they will remain in Nassau County when the lease expires in 2015. Christian Arnold of Islanders Hockey Blog wrote an excellent piece since he was able to attend a public meeting at the Nassau County Legislature as a group of developers met to discuss the possibility of developing the hub in 2015, with or without the New York Islanders.
The Republicans have done their part to thwart owner Charles Wangs' efforts to get a new arena and the Democrats have thrown road blocks of their own, putting the Islanders in a position where Vince Polimeni of ABLI (A Better Long Island) has the upper hand in developing that giant parking lot into a place that doesn't contain an NHL hockey team. And Polimeni isn't the only one that has come to this realization; other developers have been drawing up their own proposals (Read Arnold's blog for more in-depth coverage).
2015 may be three years away, but it will be here a lot quicker than most may realize, regardless of your position on the topic. But 2013 is a lot closer, and the future of the Islanders success may get worse. (Photo Credit: clyedorama/Flickr)