Lifelong fan and venture capitalist with $18.5bn portfolio buys stake in $2.1bn pro franchise

David Shuman, founder of venture capital firm Lateralus Holdings, has reached a deal to purchase a stake in the New York Islanders.

Pending NHL approval, the deal is a a limited partnership stake and will not impact day-to-day operations or governance of the team.

The size of the stake, or how much it has been purchased for, were not disclosed in the announcement.

“Hockey has been a constant in my life since childhood, both as a fan and a player,” Schuman said in a statement, via ESPN.

“The 1980 Miracle on Ice combined with the Islanders’ four consecutive Stanley Cup championships cemented a lifelong passion.

“I’m honored to help support the Islanders’ future and their drive for a fifth Cup.

“My childhood bedroom was covered in newspaper photos and magazine covers of Mike Bossy, Bryan Trottier, Clark Gillies, Denis Potvin, Billy Smith, John Tonelli, and Bobby Nystrom.

“Being part of this organization today is a full-circle moment.”

Scott Malkin and Jon Ledecky currently serve as governor and alternate governor of the franchise that is worth $2.1 billion, according to Forbes.

Ledecky in particular is more than happy to welcome a lifelong Islanders fan to the front office.

“David is one of the most passionate Islanders fans I know and an extraordinary builder of companies,” Ledecky said.

“That mindset will be invaluable as we continue to invest in this organization and in this community.”

Getty

Getty

Shuman founded Laterals Holdings in January 2016 and serves as a board chairman for two of its portfolio companies, Oura Health and WebAI.

Bloomberg recently reported that Oura is planning to raise $3bn in an upcoming IPO that could increase the value to $16bn.

Additionally, WebAI was valued at $2.5 billion, which when added together, puts his portfolio at $18.5 billion.

In 2023, private equity executive Oliver Haarmann bought a 10% stake in the franchise for $1.75 billion.

Despite missing the playoffs in the last two seasons, it’s an exciting time to be an Islanders fan.

New York had the first overall pick in the 2025 NHL Entry Draft, and selected defensemen Matthew Schaefer.

The Islanders saw an eight-win improvement on their record, and Schaefer took home the Calder Memorial Trophy as the league’s best rookie.