SBD/January 18, 2011/Franchises

Isles Losing Millions Of Dollars While Playing In Nassau Coliseum

Islanders' lease at Nassau Coliseum is set to expire after the '14-15 season
The Islanders are "losing millions of dollars" while playing at Nassau Coliseum, an "aging hulk whose best years are behind it," according to Baumbach & Marshall of NEWSDAY. The "big gorilla in the room" is where the Islanders will play when their arena lease expires after the '14-15 season. Islanders Owner Charles Wang said the "best place for the Islanders is on Long Island." Wang: "It's my home. At the same time, we must remember that the team must be economically viable as a business for the long term." Wang has spent "more than $200 million of his own money to cover the team's losses and millions more planning and promoting his Lighthouse Project -- a mixed-use development he wanted to build around a new sports arena." But the project is "all but dead with Hempstead Town, where officials objected to its density, size and scale." Wang's talks with Hempstead "have ended, the Lighthouse website is gone, its personnel have been reassigned, and all references to it removed from the Coliseum's outside walls and scoreboard." RXR Realty Chair & CEO Scott Rechler, the project's developer, "returned his interests in the team and the Long Island Marriott next to the Coliseum back to Wang." Meanwhile, the team's season-ticket base is "down 800 from about 6,500 last season." But despite "poor attendance, ticket prices increased in several sections of the Coliseum this season." Islanders President Chris Dey and Assistant GM & Dir of Amateur Scouting Ryan Jankowski left the team after the '09-10 season, and sources said that the team has not filled the positions, "choosing to disperse their responsibilities among other staff." The Islanders are "working to encourage corporate sponsorship renewals." Bethpage Federal Credit Union, for instance, "recently renewed for two years instead of its typical single-year deal -- in part because of the pricing the Islanders offered" (NEWSDAY, 1/16).
Return to top

Related Topics:

New York Islanders, NHL, Franchises

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug