Onexim's billionaire founder Mikhail Prokhorov holds a 49-year lease to operate the ColiseumGETTY IMAGES
NYCB Live's Nassau Coliseum operator Onexim Sports & Entertainment's indication that it is "giving up control of the facility" has once again brought into question where the Islanders will play their home games, according to Gross & Baumbach of NEWSDAY. The "surprising announcement" yesterday by billionaire operator Mikhail Prokhorov comes a little more than three months after New York Gov. Andrew Cuomo "came to the Coliseum and announced the Islanders would play all of the team's home games" there during the '20-21 NHL season. The team's new arena at Belmont Park "remains on schedule to open" in October '21 despite construction being "shut down for two months during the pandemic." The resumption of the season "could push back the start of next season, potentially giving Onexim and Nassau County more time to work out a solution for the Islanders to play at the Coliseum." But the "uncertainty of the Islanders' home arena makes an already challenging situation for the team selling season tickets amid the COVID-19 pandemic-induced economic downturn that much tougher" (NEWSDAY, 6/17).
LOOKING FOR INVESTORS: A Prokhorov spokesperson said that he is seeking investors to "take over the lease of the 13,000-seat venue and assume the remaining $100 million in debt." His decision "raises questions about the future" of the $1.5B Nassau Hub development. Nassau County is "projecting a budget deficit" of $384M this year. County Exec Laura Curran said she was "doubling down" on her commitment to developing the Coliseum site. Prokhorov "holds a 49-year lease to operate the Coliseum in which the county receives at least $4.4 million in annual rent" (NEWSDAY, 6/17).
