The New York Islanders announced on Tuesday that Charles Wang has a deal in place to transfer ownership of the club in the next two years.

According to a statement posted on the Islanders' official website, Wang reached an agreement with an ownership group led by former Washington Capitals co-owner Jon Ledecky and London-based businessman Scott Malkin.

Ledecky and Malkin reportedly agreed to buy a substantial minority interest along with a stipulation that the new ownership group will become majority owners in two years.

Wang will still be the team's majority shareholder and team governor until the new group assumes majority ownership. According to ESPN, the deal could be approved by the board of governors in December.

Financial terms of the deal were not disclosed and it is still unknown at this point how much stake Wang will retain once Ledecky and Malkin takes majority ownership.

"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 in a statement.

Wang purchased an ownership share in 2000 before becoming the team's sole owner in 2004. The Islanders have reached the Stanley Cup Playoffs five times since Wang joined the group, but the team has struggled in six of the last seven seasons.

The Islanders will be playing in their final season at the Nassau Coliseum, which has been their home since 1972, as the team is scheduled to move to the Barclays Center after reaching a 25-year-deal in 2012.

"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."

Reports indicated that Wang has been listening to offers since March. Last week, Andrew Barroway, a hedge fund manager, filed a lawsuit against Wang after the latter reportedly backed out of a previous handshake agreement between the two of them after receiving a higher offer from another group.

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