New York Islanders principal owner Scott Malkin and co-owners Jon Ledecky and John Collins made an aggressive move on Tuesday, pulling the plug on Lou Lamoriello’s tenure as president and general manager after seven years.

After years of failed attempts, relocation threats and a disastrous move to Brooklyn, the Islanders were finally going to have a new building — a $1.1 billion jewel, with a Long Island address and a Stanley Cup contender to play in it. Everything appeared to be falling into place.

Lou Lamoriello is out as general manager of the New York Islanders, after the team said Tuesday the longtime NHL executive’s contract was not being renewed. Managing partner John Collins will lead a search to find the Islanders’ next GM.