BREAKING: Wang sells Isles to ex-Caps owner Ledecky
Mike Halford Aug 19, 2014, 1:35 PM EDT
Pending NHL Board of Governors approval.
Huge news from Long Island on Tuesday — per Newsday, Islanders owner Charles Wang has agreed to sell the team to a familiar face in NHL circles:
Ledecky is best known as the former minority owner in Washington. In 2001, he sold his 24 percent share in the team to current owner Ted Leonsis which, according to the Washington Times, would allow Ledecky to pursue buying another sports franchise:
Leonsis and Ledecky did not disclose a price for the transaction, but Ledecky, a well-known District entrepreneur, said he made a “healthy, 10-figure profit” on the $58 million he invested in May 1999.
Ledecky is now free to pursue a pro sports team of his own, as has been his long-stated ambition. He unsuccessfully sought interests in the Los Angeles Dodgers and Cincinnati Reds before purchasing the Caps from [Abe] Pollin two years ago, and last fall he came close to buying the Montreal Canadiens.
As for Wang, this move would end his lengthy, contentious ownership of the Isles. Reports have been surfacing for months about his desire to sell the team, this after the failed Lighthouse Project and significant financial losses.