Charles Wang Sells Minority Stake In Team For Now---Pending League Approval

New York Islander Fan Central | 8/19/2014 02:46:00 PM | | |
Scott Malkin & Jonathan Ledecky

Washington Times: Why Jonathan Ledecky Sold his stake in Caps 6/21/2001

Jonathan Ledecky also is on the board of Forbes Magazine that has taken quite a few digs at Islanders under Michael Ozanain's reign of misinformation.
Jonathan J. Ledecky has served as a member of our Board since January 2011 and as our Non-Executive Chairman of the Board since February 2012. Previously, Mr. Ledecky served as our Interim Chief Financial Officer (from February 2012 until July 2013) and as our Chief Executive Officer (from January 2011 to February 2012)  

NYIFC Comments:
I will update this entry as more information on the new minority owners become available or I add some background.

Nothing leaked however it's hardly a shock Wang found another buyer pending Andrew Barroway not winning his lawsuit/forcing a sale to him which could completely void today's news.

Minority owners transitioning to majority status were here before in the 1990's or more known as the infamous gang of four who never bought out John Pickett entirely. Two of which are currently heading for prison.

No doubt a former co-owner of an NHL team should not face huge road blocks in the approval process, but is he Steve Gluckstern who can be a good #2 without funds to own in Phoenix, but a disaster under Howard Milstein who cut the budget to nothing?

NHL vetting/approval are never a lock. I would like to research more why Jon Ledecky left Ted Leonsis/Capitals.

Enough historical references.

For the next two years/perhaps longer this is still Charles Wang's hockey franchise as majority owner.

Two years is an eternity. Not having funds to pay Wang as they claim a larger stake in the franchise could stop everything at some point.