The value of NHL teams continue to escalate rapidly.

Two individuals with knowledge of the deal, neither of whom work at the NHL league office, have told Forbes that New York Islanders co-owner and governor Scott Malkin is nearing the sale of 10% of his stake in the hockey team to an unidentified individual at a $1.75 billion valuation. Team representatives were briefed on the deal by the league yesterday.

The NHL and the Islanders did not immediately respond to a an email from Forbes inquiring about the deal.

Malkin and co-owner and alternate governor Jon Ledecky purchased 85% of the Islanders in 2016 at a $485 million valuation from Charles Wang. In early 2021 Malkin and Ledecky bought the remaining 15% of the Islanders for the estate of Wang, who died in 2018.

The sale by Malkin would be the second recent partial sale of the team. In June former NHL and NFL executive John Collins bought a small piece of the Islanders and became the team’s operating partner overseeing all business operations and an alternate governor. It is unclear how much of the team Collins purchased of who from, though sources did confirm Collins owns less than 20%. Collins did not respond to a Forbes email about his stake.

Three months ago, Michael Andlauer, who at the time owned 10% of the Montreal Canadiens, purchased the Ottawa Senators for $950 million, or 7.4 times revenue. Shortly thereafter Andlauer sold his interest in the Canadiens at a $2.3 billion valuation, about eight times revenue. In 2022 Fenway Sports Group bought the Pittsburgh Penguins for $875 million, just 4.7 times revenue.

A year ago we valued the Senators at $800 million and Canadiens at $1.85 billion. The Islanders moved into their new $1 billion home, UBS Arena, two years ago. The arena is owned by New York State but was financed by the Islanders, Oak View Group and Jeff Wilpon. The hockey team gets the bulk of the arena’s revenue and shares the rest with its two arena partners.

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