U.S. regulators have approved the sale of a majority stake in Hawaiian turboprop operator Island Air. Two entities managed by local investment firm PacifiCap are buying a controlling interest from Ohana Airlines Holdings, owned by Larry Ellison. OAH will retain a non-controlling interest. Les Murashige, a previous president of Island Air, will return as president and CEO, taking over from current CEO David Pflieger. Rob Mauracher, another former Island Air CEO, will be chief operating officer.