The New York Islanders reached an agreement to sell roughly 15% of the NHL franchise to a handful of investors at a $3 billion valuation, according to three people familiar with the details.

The club previously announced venture capital investor David Shuman as a new investor. The other investors were not immediately known, including one who would own up to 10% of the team.

The investment is still subject to NHL approval. The Islanders and boutique investment bank BDT & MSD, which was retained this year to explore a stake sale, declined to comment. The investment does not impact the day-to-day operations or governance of the team, whose controlling owner is Scott Malkin.

NHL franchise values have soared in recent years, with the average team worth $2.1 billion in Sportico’s NHL team valuations last year; that’s more than double the $1.01 billion average in 2022 and will be up again in our 2026 valuations. By comparison, the three-year change at that time for the NBA was 78%, followed by the NFL at 72% and MLB lagging at 22%.

Malkin and Jon Ledecky bought the Islanders in 2014 for $485 million, and they have transformed the club’s fortunes by building UBS Arena in 2021 in partnership with Oak View Group. The $1.1 billion venue in Elmont, N.Y., was built for hockey but also for music. Construction included easy access for crews to load and unload concert equipment—saving time and money—and a robust compound near the stage for artists that is akin to a luxury hotel.

Outside of UBS, outlet center Belmont Park Village opened in 2024, and a rebuilt Belmont Park, home of horse racing’s Belmont Stakes, opened this month. UBS will host the 2026-27 NHL All-Star Game.

In 2023, European private equity executive Oliver Haarmann bought a 10% stake in the Islanders at a $1.75 billion valuation. Earlier that year, former NHL executive John Collins invested in the four-time Stanley Cup champions and was put in charge of the team’s business operations.

The Islanders have missed the playoffs the past two seasons, but last season marked an eight-win improvement after the team drafted defenseman Matthew Schaefer first overall in the 2025 NHL Entry Draft. Schaefer won the Calder Memorial Trophy as the NHL’s best rookie last season. The Islanders open their 2026-27 season Wednesday on the road against the Toronto Maple Leafs.