Charles Wang to Sell New York Islanders to Jonathan Ledecky, Scott Malkin

Charles Wang will sell majority control of the New York Islanders as part of a multi-year process, pending NHL board of governors approval. Newsday's Arthur Staple broke the story with initial details:

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

Staple says the full dirt will be at Newsday (though Staple's in Prague now, heh), but he also offered this:

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

The Isles have officially announced it as a "new ownership structure" where Ledecky and Malkin will take "a substantial minority interest" before transitioning to majority stakeholders two years later.

"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," 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," Wang said. "I look forward to a long and successful partnership."

According to an open lawsuit from shunned bidder Andrew Barroway, Wang ceased talks with Barroway's group because another bidder (or bidders) were available, at the help and suggestion of the NHL.

It appears Ledecky and Malkin are those bidders. Winning bidders. On the eve of their final season at Nassau Coliseum before a move to Brooklyn, the process of transitioning control of the Islanders is about to begin.