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Islanders' owner announces sale

UNIONDALE, N.Y. – The New York Islanders have announced 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.

Under the agreement, current owner Charles Wang will continue as majority stockholder for two years, the team said. At that time, 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.

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