Report: Charles Wang received $485M in sale of Islanders

Charles Wang is believed to have received $485 million in the sale of the New York Islanders to Jonathan Ledecky and Scott Malkin, according to Mike Ozanian of Forbes.

Under the terms of the deal, Ledecky and Malkin will initially own a minority stake and then assume majority control in two years, with Wang remaining a minority owner.

The price tag for the Islanders essentially blows the recent sale of the Florida Panthers out of the water, Ozanian reports:

(Islanders) Price tag: $485 million, according to multiple sources familiar with the transaction but who are not authorized to speak about it publicly. That is a rich valuation when you consider that a year ago Vincent Viola acquired another troubled NHL team, the Florida Panthers, for an enterprise value (equity plus net debt) of just $160 million (the reported sale prices of the Panthers at the time of the deal - from $230 million to $250 million - were not enterprise values).

The team's impending move to Brooklyn certainly played a factor in the valuation, as the club is all but guaranteed to draw in more revenue while calling Barclays Center its home.