BREAKING NEWS: Charles Wang has agreed to sell the #Isles to John Ledecky, former co-owner of the Capitals, and investor Scott Malkin.
— Arthur Staple (@StapeNewsday) August 19, 2014
Arthur Staple is the hero today, as much as Jonathan Ledecky and Scott Malkin will be tomorrow.
More to come on http://t.co/e8fvQknCXk on #Isles sale, which is pending NHL BOG approval.
— Arthur Staple (@StapeNewsday) August 19, 2014
Ledecky and Malkin will hold a minority interest in #Isles for next two years and then assume majority control, per agreement.
— Arthur Staple (@StapeNewsday) August 19, 2014
Have not heard financial terms as of yet… And being that I'm in Prague, I doubt I will in the short term.
— Arthur Staple (@StapeNewsday) August 19, 2014
Also, it's Jonathan Ledecky, not John.
— Arthur Staple (@StapeNewsday) August 19, 2014
More on #Isles sale news from @newsdaymarcus, @markpherrmann and others. My boss, @RedheadStape, says it's time for vaca. See ya in a week.
— Arthur Staple (@StapeNewsday) August 19, 2014
Way to spike the mic, Art.
What has been a long road of painful decisions and ignorant public statements is finally over. Former owner of the Washington Capitals Jonathan Ledecky is about to re-enter the NHL with a commodity that’s pointed up. The deal brings in Ledecky and Malkin as minority owners for two years with them gaining full control for the 2016-17 season. It could be five years, but Wang is going away.
As stated above, there is no sale price to report, and sing the $420M-$548M window does no one any service. Factoring in Andrew Barroway’s $10M breach-of-contract fee won’t get a number either.
The strangest part about all of is this is that Wang stated he had another investment group when he ended talks with Andrew Barroway. Charles Wang gave accurate in formation. Publicly.
Charles Wang told the truth. Out loud. That’s not his M.O.
What’s absolutely part of his character profile is his need to get everything he wants at all times. Other franchise sales have been clean and quick, none of this transitional nonsense. He’ll be getting at least $.501 on the dollar until he gets “nothing”, and who knows what meddling he’ll do after 2016. Just when he makes everything easy, he clouds the water. What a guy.
Who is Jonathan Ledecky? The former owner of the Washington Capitals is the 24th richest person in the United States. For those with the patience, here’s his Forbes profile. Highlight: he’s the guy who bought American Apparel from Dov Charney. His NHL experience with the Capitals centers around his time as the co-owner of Ted Leonsis’ investment group that bought the (now) Verizon Center and the Capitals.
His background as a money-man puts him in a different position than Charles Wang put himself. Ledecky will be an OWNER who will hire the right HOCKEY people. Granted, this is speculation. His background gives the hope.
Scott Malkin made his money in a European furniture chain. His comes from the family who manages the Empire State Building. Let that second part sink in a minute.
Money will NOT be an issue.
Now, the biggest question. Will Wang enter the arena on October 11th with Ledecky and Malkin, or will he let the take the spotlight? If he wants to avoid the boos and flying garbage he’ll stay home. If he wants to pretend like all is well and bring down the positive vibe of the moment, he’ll be at center ice.
Either way, the New York Islanders will be free of Charles Wang in 2016. Ain’t life grand?
Capitol District Islander 