Wang sells Isles to ex-Caps owner Ledecky

41 Comments

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 mounting financial losses. The 69-year-old became part-owner of the Isles in 2000, then assumed majority control in 2004 after buying out partner Sanjay Kumar.  The team has struggled both on the ice and financially since Wang’s been aboard, making the playoffs just two times while reportedly losing an estimated $10 million per season.

As mentioned, Wang also spearheaded the now-defunct Lighthouse Project — a proposal to transform the Nassau Coliseum and surrounding area into a modern suburban locale — which was voted down in 2011, two years after Wang said he regretted buying the Isles in the first place.

“If I had the chance I wouldn’t do it again,” Wang told Newsday at the time. “Never in my life, would I have anticipated this thing [Lighthouse Project] could be dragged out for seven, eight years.”

Should the sale to Ledecky and Malkin be approved by the NHL’s Board of Governors, it’ll mark a change in ownership just one year before the Isles leave Long Island and relocate to Brooklyn, where they’ll play at the Barclays Center beginning in 2015-16.

UPDATE: The Isles have addressed and confirmed the transaction, courtesy this statement…

A group led by former Washington Capitals co-owner Jon Ledecky and London based investor Scott Malkin has reached a definitive agreement, subject to NHL approval, to purchase a substantial minority interest in the team. Under the terms of the agreement, Charles Wang will continue as majority shareholder and Governor of the Islanders, with the Ledecky/Malkin group transitioning to majority owner in two years.

“We are pleased to have the opportunity to become partners in the New York Islanders with Charles, and to pursue our shared dream of winning a fifth Stanley Cup for the greatest fans in the NHL,” Mr. Ledecky said.

“I’m thrilled that Jon and Scott have agreed to join me as we start the Islanders’ final year at Nassau Veterans Memorial Coliseum,” Mr. Wang said. “I look forward to a long and successful partnership.”

 

Related

Report: Wang ‘furious’ over report he’s exploring sale of Isles

Wang being sued for $10 million for not selling Islanders

Bergeron may need surgery for sports hernia

Getty
Leave a comment

Patrice Bergeron says he may need offseason surgery to repair a sports hernia that he dealt with all year.

Bergeron missed the Bruins’ first three games of the 82-game schedule with a lower-body injury; however, he managed to play the next 79, plus six more in the playoffs as Boston fell to Ottawa in the first round.

Typically, a sports hernia is first treated with rest and physical therapy. Then, if that doesn’t solve the problem, surgery may be required.

It was a frustrating start to the season for the 31-year-old center. Bergeron had just 24 points in 49 games before the All-Star break, but he finished with a respectable 53 points in 79 games, including 21 goals.

Bergeron could win his fourth Selke Trophy in June. He’s a finalist for the award, along with Ryan Kesler and Mikko Koivu.

In other Bruins injury news, Brandon Carlo had a concussion and Torey Krug an MCL injury. Neither d-man was able to suit up for the B’s in the postseason, though Krug was close to returning.

Defenseman Adam McQuaid, hurt in Game 2 against the Sens, had a neck injury.

No Patrick Kane for U.S. at Worlds

Getty
Leave a comment

Tough day for USA Hockey.

After learning that prized Toronto rookie Auston Matthews was skipping the World Hockey Championships, the organization was informed Chicago star Patrick Kane would also be passing on the event.

Kane hasn’t often been able to participate in the Worlds, given he and the Blackhawks have advanced past the first playoff round in five of the last nine years. In fact, the last time Kane played at the Worlds was in 2008, when Chicago missed the playoffs entirely.

(Kane had 10 points in seven games for the Americans that year, en route to a sixth-place finish.)

Matthews cited fatigue as one of the main reasons he passed on this year’s tourney, and it’s safe to assume Kane did the same. He appeared in all 82 games for the ‘Hawks this year, four more in the playoffs, and also represented the U.S. at the World Cup of Hockey.

USA Hockey did manage to secure the services of two important players last week, however. Both Calgary sniper Johnny Gaudreau and Buffalo sophomore Jack Eichel agreed to come aboard.

Gaborik has procedure for ‘chronic’ knee issue, questionable for camp

Getty
Leave a comment

Yesterday, new Kings GM Rob Blake told reporters the club wouldn’t be buying out Marian Gaborik’s contract, because the veteran winger had undergone a medical procedure.

Today, the club shed more light on the situation.

L.A. announced that Gaborik recently underwent an “in-depth medical procedure for a chronic issue related to his left knee,” adding the 35-year-old would be questionable for the start of training camp.

Gaborik’s had left knee problems dating back to 2013, when he was a member of the Columbus Blue Jackets. He missed nearly 20 games during the ’13-14 campaign, then had more knee troubles at the tail end of ’15-16 (with the Kings).

Since injured players can’t be bought out of their contracts, Gaborik could very well open the year on LTIR, providing the Kings with some much-needed cap space.

And though Blake said next season would “be a clean slate for Marian to come in and prove himself,” there has to be some question if he’ll return.

Gaborik struggled through this season, scoring just 10 goals in 56 games while missing extensive time with a foot injury suffered at the World Cup. Health issues have dogged him throughout his 17-year career, and he’s only dressed in 110 of 164 games over the last two seasons.

Because of this, his contract has become an albatross. Signed by ex-GM Dean Lombardi, Gaborik’s seven-year, $34.125 million deal still has four years remaining, at a $4.875M cap hit. Gaborik would be 39 by the time the deal expires on July 1, 2021.

In other L.A. injury news, three players also underwent medical procedures recently. Tyler Toffoli and Derek Forbort had knee surgery, while Alec Martinez had “a minor medical procedure for a chronic issue related to his groin.” All three are expected to be ready for camp, however.

Blackhawks’ Anisimov suffered high-ankle sprain in mid-March

Getty
Leave a comment

Blackhawks center Artem Anisimov was not himself in the playoffs, and by the fourth game against the Predators his ice time was limited to just 14:18.

It turns out he had a pretty good excuse. Anisimov suffered a high-ankle sprain on March 14 against the Montreal Canadiens, and that’s a tough injury to overcome in less than a month.

Anisimov missed the rest of the regular season with the injury. He returned for the playoffs but failed to register a single point in four losses to Nashville.

“Being away for that time period and coming right back into the playoffs, obviously you’re not as sharp as you want to be,” Anisimov’s agent told the Daily Herald’s John Dietz.