Report: Wild's co-owner Phil Falcone to consider buying Islanders

Phil Falcone is contemplating a scenario where he leaves his current role as co-owner of the Minnesota Wild to become the new owner of the New York Islanders.

Here's how the scheme would play out if Falcone decides to make a run at the Islander, as described by sources of the New York Post:

...Falcone would invest in the Islanders alongside friend and fellow Harvard alum Jon Ledecky, who last month led an investor group that purchased a “substantial” minority stake in the NHL franchise, sources said.

The current deal with Islanders owner Charles Wang calls for him to transfer majority ownership to Ledecky and London financier Scott Malkin after two years.

Ledecky’s group is buying only a 10 percent stake in the Islanders, and will need to line up additional funding or investors to buy out Wang, according to sources.

The deal with Ledecky is still dependent upon approval from the NHL's board of governors and neither he or the Islanders were willing to comment on the report.

There's also suggestions of a rift between Falcone and Wild majority owner Craig Leipold as the two have been reported to have disagreed on how to manage the team's substantial annual loss, believed to be upwards of $20 million.