Barclay's Center & Brooklyn/Queens Talk Part III
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07-17-2012, 02:15 PM
Join Date: Aug 2005
Location: Burnaby, BC, Canada
Originally Posted by
Wang's been the owner for 12 yrs.His lease expires in only 3 more seasons.He's out of time?After getting the last minute gift from Souzzi,that was described as a financial windfall?
I think fans expecting Wang to sell before 2015 or sign an agreement with Brooklyn/Queens before 2015,will be very disappointed.
Thursday, December 24, 2009
•This is the big news: this is not a new lease agreement. Tom Suozzi compelled a sub-lease between SMG and the New York Islanders/Lighthouse Development Group.
In this case, the Islanders/Lighthouse Development Group entered into an agreement with SMG that complements the original document signed with Nassau County. This allows SMG to relinquish its right to some of the revenue streams, an action that benefits the Islanders financially. At the same time, it does not subject the agreement to County approval, because the County is not a party to the agreement. The only issue is for the County Executive to sign off on the deal, which Mr. Suozzi has now done (while he still holds the office).
But this agreement does NOT prohibit the Isles from reaching a deal with another municipality elsewhere before 2015. It still requires green light from Nassau County to leave the Coliseum before 2015, likely the reason why Wang hasn't been as active regarding relocation as many wanted.
SMG will continue to have day-to-day control of the Coliseum.
The Islanders will gain operational control of the arena, handling all Coliseum bookings and receiving all the concessions, parking, and ticket revenue SMG used to receive.
The agreement does not prevent the Islanders from leaving Nassau Coliseum, but they would be required to pay SMG the remainder of their rent, through 2015.
The Islanders would still require County approval to leave Nassau Coliseum.
While removing a major hurdle to getting the Lighthouse Project done, the lease also, admittedly, removes a hurdle to the team leaving Nassau County as well (
though there is a permanent injunction still in place forcing the Islanders to play home games at Nassau Coliseum through 2015 - there would likely be an issue with the County should that change
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