August 19, 2014 at 2:41 pm

N.Y. Islanders owner announces sale

Islanders owner Charles Wang will continue as majority stockholder for two years under terms of the team's sale, announced Tuesday. (Bruce Bennett / Getty Images)

Uniondale, N.Y. — The New York Islanders have announced that the team is being sold to a former Washington Capitals co-owner and a London-based investor.

In a statement Tuesday, the team says a group led by former Capitals co-owner Jon Ledecky and investor Scott Malkin has reached an agreement to buy a “substantial” minority interest in the team.

Terms were not immediately disclosed.

The team says under the agreement, current owner Charles Wang will continue as majority stockholder for two years. At that point, ownership will transfer to the Ledecky-Malkin group.

The team, which was founded in 1972, has announced plans to move from Long Island to Brooklyn following this season.