Barclay's Center & Brooklyn/Queens Talk Part III
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07-17-2012, 03:25 PM
Bert Marshall days
Join Date: Oct 2006
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).
And with that Suozzi gift revised lease NYI lost $8 million last season and were once again last in league revenues per Forbes. Not exactly incentive to stay or not sell prior.
Nothing is happening on LI and nothing will change. There's no reason to stay except for nostalgia but that doesn't pay the bills. It's all set up for a sale - keeping costs as low as can be and backloading contracts. A sale can be announced which takes effect 2015 for another municipality or it can be a transfer outright. Again, If it's not feasible to him then he has little time to exercise any options if he didn't already if he waits until 2015.
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