Charles Wang has an agreement to eventually transfer ownership of the New York Islanders to a group led by Jon Ledecky.
Ledecky is a former co-owner of the Washington Capitals.
Ledecky and London-based investor Scott Malkin reached a deal to purchase a "substantial minority interest" in the team, pending league approval by the NHL board of governors, with the stipulation that the group would take over majority ownership in two years.
Wang would continue as the majority shareholder during that time.
A source told ESPN.com that the vote by the board of governors would likely happen in December.
"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.