NHL Approves Sale Of 3 Teams

The Stanley Cup champion New Jersey Devils have new owners officially.

So do the Colorado Avalanche and New York Islanders.

In what was considered a formality, the NHL's Board of Governors on Tuesday approved the proposed sales of the three teams.

Ownership of the Devils was transferred from John McMullen to Puck Holdings LLC, an affiliate of YankeeNets and whose principal owners are George Steinbrenner, Lewis Katz and Ray Chambers.

McMullen agreed to sell the team for $175 million in March. YankeeNets also own the New York Yankees and New Jersey Nets.

Avalanche ownership moved from Ascent Entertainment to Liberty Media and finally to Stanley Kroenke, a real estate developer and heir to the Wal-Mart fortune. Kroenke agreed to buy the Avalanche, the Denver Nuggets and Pepsi Center for $450 million.

The Islanders were sold to Computer Associates executive Charles Wang and Sanjay Kumar in April for an estimated $190 million. The previous owners were Howard and Edward Milstein and Steven Gluckstern.

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