The New York Islanders have agreed to sell roughly 15 percent of the franchise to a group of investors at a $3 billion valuation, nearly doubling the $1.75 billion price tag at which Oliver Haarmann acquired a 10 percent stake in 2023. The deal, which remains subject to NHL approval, was sourced by boutique investment bank BDT and MSD, retained earlier this year to run a stake-sale process. Controlling owner Scott Malkin, who purchased the team with Jon Ledecky for $485 million in 2014, retains governance and day-to-day control.
The price and the buyers
Venture capital investor David Shuman is the only named participant; the remaining investors were not disclosed, though one is slated to take up to 10 percent of the club, two-thirds of the equity on offer. The source did not specify whether the consideration is all cash, nor did it disclose any break fee or closing conditions beyond league consent. At $3 billion, the enterprise value implies a 71 percent increase over the Haarmann transaction roughly three years ago, a pace that exceeds the NBA’s 78 percent and the NFL’s 72 percent three-year growth rates cited for the same period, though it trails the NHL’s own average appreciation of 108 percent from 2022 to 2025.
The arena anchor
The valuation step-up is anchored by UBS Arena, the $1.1 billion venue opened in 2021 in Elmont, New York, in partnership with Oak View Group. The building was designed for dual-use economics: hockey nights and concert load-in logistics that reduce changeover costs, plus a backstage compound modeled on a luxury hotel. Since the arena’s debut, the surrounding district has added Belmont Park Village, an outlet center opened in 2024, and a rebuilt Belmont Park racetrack that reopened this month. UBS Arena will host the 2026-27 NHL All-Star Game, a revenue event that the league awards to its newer facilities.
The comparable set
Sportico’s most recent NHL valuations placed the average franchise at $2.1 billion, up from $1.01 billion in 2022. The Islanders’ implied $3 billion price tag sits 43 percent above that average, reflecting the arena’s real-estate upside and the New York market. By contrast, MLB franchises grew 22 percent over the same three-year window, underscoring the divergence between gate-driven leagues and those with expanding media and real-estate revenue streams. John Collins, a former NHL executive who invested in early 2023 and was installed to run business operations, has overseen the commercial build-out that supports the current markup.
What comes next
NHL approval is the sole stated condition. The league has historically waved through minority sales at escalating valuations so long as control does not shift and the buyer group meets financial vetting. The Islanders open the 2026-27 season Wednesday in Toronto, two playoff misses behind them but with defenseman Matthew Schaefer, the 2025 first-overall pick and reigning Calder Trophy winner, entering his second year. On-ice performance remains the variable the cap table cannot hedge.