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October 02, 2009
Islanders sign long-term lease, immediately threaten to move
The New York Islanders' long-simmering Lighthouse project (no actual lighthouses included) looks ready to blow up again. Yesterday, Isles owner Charles Wang and Nassau County Executive Tom Suozzi agreed to a long-term lease that would keep the team at a renovated Nassau Coliseum through 2030 — then Wang turned around and said he was cutting off talks unless the development project was immediately approved: "This is not the point to start negotiating anything. It's yes or no."
The threat was levied at the Hempstead town board, which has yet to agree to zoning changes to allow Wang and partner Scott Rechler to build the $3.8 billion Lighthouse project, which would include a hotel, office buildings, and a convention center, on what's currently public land around the arena. (Under the new lease, Wang would spend $320 million of his own money to renovate Nassau Coliseum, plus pay $1.5 million in rent, but would get to lease 77 acres of county-owned land for $1.) Wang has given the town board until tomorrow to approve the zoning, and fumed that if the board didn't vote by then — something that seems all but certain, since it doesn't have any meetings scheduled today or tomorrow — he "would construe that as a no." This could be a very interesting weekend.
If they leave they are headed to brooklyn. Kansas city is not a option.
Posted by dan on October 4, 2009 12:53 AM
The Islanders threatening to move is a decade-old story line. Fact is, the Islanders want a new facility but know that moving to a significantly smaller market (like Kansas City) would be extremely risky. Given the recent mediocre history of the Islanders, a non-traditional market could see a significant drop-off in attendance if things go bad compared to NYC where there's still die-hard hockey fans. So, it largely amounts to huffing and puffing without much action. I agree that they could move to Brooklyn, but that's assuming a)the Atlantic Yards Project ever goes through and b)the new hybrid ownership of Ratner/Russian dude would allow another tenant to move in and give the Isles a favorable deal rent-wise. The Islanders are stuck in that sense. They'd be insane to leave the New York City market but don't have much leverage to get a new stadium.
Posted by Ian on October 4, 2009 04:43 PM
Brooklyn is OUT, as another thread notes, because Ratner's arena design doesn't leave enough floor space for a hockey rink.
don't worry, though, dan, KC's arena managers make more money WITHOUT a sports team than with one, so it looks like they are stuck on the Island for a while.
Too bad they can't go to Hamilton, Ontario, though...
Posted by LeftWingCracker on October 5, 2009 05:44 PM