NY Islanders owner Scott Malkin is selling 10% of his stake to a mystery buyer

New York Islanders co-owner Scott Malkin has always been a bit of a mystery, and now, there's a mystery buyer for 10% of his stake in the team. On Wednesday, Forbes reported that the 64-year-old real estate investor is nearing a 10% sale of his ownership of the Islanders at a valuation of a whopping $1.75 Billion to an unidentified buyer.

While co-owner Jon Ledecky has been the face of ownership, being front and center for all community events, riding the LIRR, and doing "Yes! Yes! Yes!" chants in the concourse, Malkin has remained the team's majority owner and represents the team as their governor.

The decision for Ledecky and Malkin to become minority owners in 2014 has paid off, literally. When they took over majority control in 2016 from Charles Wang, the team was valued at $485 million, having just left the Nassau Coliseum and entered a not-so-ironclad 25-year lease at Barclays Center. In 2021, they purchased the remaining 15% of the team from Wang's estate.

The massive valuation coincides with the opening of UBS Arena, which opened in November 2022. Oak View Partners and former New York Mets owner Jeff Wilpon partly financed the state-of-the-art building with Isles ownership. After years at the dilapidated Nassau Coliseum and a rental home in Brooklyn, the Islanders have become big business.

While current Mets owner Steve Cohen is busy courting free agents in Japan, Islanders fans pondered whether Uncle Stevie had another few hundred million to invest in another team that wears the orange and blue. Cohen and his wife were guests of Ledecky last season at UBS Arena.

When the sale of the 10% Malkin stake is announced, it will be the second of its kind this year. Back in June, the team announced that former NHL Chief Operating Officer John Collins would be leading the team's business operations and that he had also invested in the team. However, the percentage hasn't been disclosed. Collins also serves as the team's alternate governor.

Who is the newest minority owner? We'll find out eventually if they want us to.