By Daniel Friedman
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In August, New York Islanders owner Charles Wang agreed to sell the team to Jonathan Ledecky and Scott Malkin. They’ll be minority owners for the first two years and will then take over in a majority role. The two investors were formally introduced on Wednesday afternoon at Nassau Coliseum.
Ledecky and Malkin represent the latest chapter in this seemingly never-ending saga. Here are the five most notable ownership developments in Islanders history:
1978: John Pickett Buys Team
Original team owner Roy Boe was struggling to keep the lights on, so he wound up selling to Pickett, who at the time was a limited partner. The result? A dynasty. But later, big-time neglect.
1991: Gang of Four
Pickett sold a minority stake to four local businessmen and put them in charge of day-to-day operations. Their most memorable contributions were the fisherman jerseys and general manager/head coach Mike Milbury.
1996: John Spano
Pickett thought he’d found a buyer, but the man turned out to be a complete fraud.
1997: Howard Milstein & Steven Gluckstern
Poor attendance, poor performance, poor everything. This was a dark period for the franchise.
2000: Charles Wang & Sanjay Kumar
Milstein and Gluckstern sold the Islanders to Computer Associates head honchos Wang and Kumar. Kumar would later find himself in jail, but Wang soldiered on as team owner. He tried for years to get a new arena on Long Island and after all that failed he reached a deal with Barclays Center. Say what you will about him, but the Isles might have ended up playing in another state (or country) if not for Wang.
2014: Ledecky & Malkin
Stay tuned. There’s no telling what will happen next.
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