The NHL Board of Governors approved the sale of the New York Islanders to a group led by former Washington Capitals owner Jonathan Ledecky and London-based investor Scott Malkin, a team spokesperson confirmed Tuesday.
The vote, taken at Tuesday's Board of Governors meeting held in Manhattan, was unanimous.
Once the sale is finalized, the new ownership group will assume a minority stake in the team. In two years, it is slated to assume majority ownership, with current owner Charles Wang retaining a minority stake in the team.
The deal has yet to be finalized, but commissioner Gary Bettman told reporters Tuesday that he anticipates the documentation being completed by the beginning of the regular season next week.
This is the team's last year at Nassau Coliseum on Long Island, with the club set to move to Brooklyn's Barclays Center beginning next season.