David Shuman, founder of venture capital firm Lateralus Holdings, has reached a deal to invest in the New York Islanders, according to the club. It is a limited partnership stake and does not impact the day-to-day operations or governance of the team, whose control owner is Scott Malkin.
The size of Schuman’s stake and enterprise value of the team in the deal were not disclosed. The investment is still subject to approval by the NHL.
Shuman founded Lateralus in 2016, and the New York-based firm shows six current investments, including smart ring firm Oura and AI platform WebAI. Shuman is board chair at both firms, which were valued at $11 billion (Oura) last October and $2.5 billion (WebAI) in January.
Shuman has been on Oura’s board since 2016 and was appointed its chairman in September. In May, the company filed to go public, which could happen next month at a $16 billion valuation, according to Bloomberg.
Shuman says hockey has been a constant in his life since childhood as a fan and player in a release announcing the news. He added that his childhood bedroom was covered with magazine covers of Islanders legends Mike Bossy, Bryan Trottier, Clark Gillies, Denis Potvin, Billy Smith, John Tonelli and Bobby Nystrom.
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.
NHL franchise values have soared in recent years, with last year’s average team worth $2.1 billion in Sportico’s NHL team valuations, more than double the $1.01 billion average in 2022. By comparison, the three-year change at the time for the NBA was 78%, followed by the NFL at 72% and MLB lagging at 22%. The Islanders were valued at $1.93 billion and will be north of $2 billion in Sportico’s next NHL list.
The Islanders have missed the playoffs the past two seasons and last won a playoff series in 2021, 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.
Attendance ticked up 4% at UBS Arena last season. The team opened the $1.1 billion arena in 2021 in partnership with Oak View Group. The building was built for hockey but also for music. Construction included easy access for crews to load/unload concert equipment—saving time and money—and a robust compound near the stage for artists that is akin to a luxury hotel.