Anyone know what it would cost Wang to buy his way out of the current lease? I remember this being talked about years ago but back then it was too expensive.
Anyone know what it would cost Wang to buy his way out of the current lease? I remember this being talked about years ago but back then it was too expensive.
I do not think he would buy it out. I mean there is only 3 years left on it. If he is indeed already losing cash why buy it out to lose more when then is so little time left ?
Anyone know what it would cost Wang to buy his way out of the current lease? I remember this being talked about years ago but back then it was too expensive.
I don't think that is what Wang wants. I think Wang sees the Islanders and the lease as one in the same. There is no other sane reason to run the team the way it is currently run.
Doesn't he have full control of all revenue now at the Coli except for concerts and other non-hockey events where he gets a cut of ticket sales?
I thought he gets parking, concessions, merchandise, seasons and partial NYI tickets, along with walk up now?
Anyone know the true facts?
If so, he is not losing any money when coupled with the rich cable deal that goes straight to his pocket, not included in NYI revenue.
Doesn't he have full control of all revenue now at the Coli except for concerts and other non-hockey events where he gets a cut of ticket sales?
I thought he gets parking, concessions, merchandise, seasons and partial NYI tickets, along with walk up now?
Anyone know the true facts?
If so, he is not losing any money when coupled with the rich cable deal that goes straight to his pocket, not included in NYI revenue.
I believe as one of his final moves as executive Suozzi did negotiate to allow Wang to have full control over those aspects of the coliseum.
As for the OP could he buy out of the lease? I'm sure he could but it really doesn't make sense for Nassau or Wang to do so.
Doesn't he have full control of all revenue now at the Coli except for concerts and other non-hockey events where he gets a cut of ticket sales?
I thought he gets parking, concessions, merchandise, seasons and partial NYI tickets, along with walk up now?
Anyone know the true facts?
If so, he is not losing any money when coupled with the rich cable deal that goes straight to his pocket, not included in NYI revenue.
He does get all revenue and SMG only a minute flat fee, Nassau gets taxes. It's Wang's arena until 2015. Why should he leave?
maybe as it inches closer to 2015 he could trade his right of first refusal (so that nassau can let another devoloper begin building whatever is approved)in exchange for busting lease in the final season or two .
as of now , the expiring lease and threat to move is the bargaining chip he'll seemingly play to the bitter end .
He does get all revenue and SMG only a minute flat fee, Nassau gets taxes. It's Wang's arena until 2015. Why should he leave?
And so, why should we believe that he is losing money, especially with the cable money, what is it $20-25MM and escalating?
So he is probably making money net net with 12,000 average attendance and good ticket sales on concerts, but he wont spend on players and he still surpresses spending on backloaded contracts and rookie incentives.
This man is a fraud. No wonder he isnt selling. He is playing pokerface with the County to try and get the arena because he is not feeling the pain right now.
From a 2009 Newday piece exerpted elsewhere - the original link is now dead:
Quote:
Even if billionaire Charles Wang wanted to move his New York Islanders off Long Island anytime soon -- as worried fans have speculated in recent weeks -- it wouldn't be easy.
That's because the hockey team's lease with Nassau County contains strong language that prohibits such a move -- at least for six more years.
The agreement says the Islanders can't play any home game during the regular season anywhere but the Nassau Coliseum, which is owned by the county, until 2015. And legal experts say the lease can't be broken by paying off the remaining years because the prohibition, written as part of the 1985 lease and upheld by a Nassau State Supreme Court justice in 1998, says the team's presence on Long Island is what's important.
If the owner attempted to move the team, Nassau County Attorney Lorna Goodman said, he could be held in contempt and face the possibility of jail time, high fines and the payment of any damages incurred by the county. "An injunction has the force of law behind it," Goodman said Wednesday
And so, why should we believe that he is losing money, especially with the cable money, what is it $20-25MM and escalating?
So he is probably making money net net with 12,000 average attendance and good ticket sales on concerts, but he wont spend on players and he still surpresses spending on backloaded contracts and rookie incentives.
This man is a fraud. No wonder he isnt selling. He is playing pokerface with the County to try and get the arena because he is not feeling the pain right now.
See? Billy Idol gets it.
The man is a fraud. Billions of dollars with his former company, how much now? $20M in losses a year has been parroted here for how long because he said he's losing money. Well, he adjusted the calendar to make CA look like it was making money and robbed untold fortunes from investors once. Now he's losing money by the boatload for his own gain. Boohoo.
A decent man would have negotiated hard with the county to ensure the team remains. A bright spot is he removes SMG and made the arena operable. Now? He's not happy with that.
So we wait......until he is happy or he dumps on fans like he dumped on investors.
Brooklyn is a saving grace thanks to this man's lack of ethics. We have a parachute as fans if he pushes us out.
They calim to be losing 20-30 million annually. How much is the cable deal worth per year?
You got it.
The cable deal will be worth $30M a year in a few years (it's probably $26M this year) BUT......as it is given FOR the Islanders hockey team, it is not connected to the Isles so he doesn't have to count it.
If I run a printing shop and lose money but have a contract paid to me as the owner to print ads for, say, Bruce Ratner, that pays me a contract personally, not to the business, I can claim a loss every year despite the huge sums coming from Brucy each year. I'm happy, the business benefits from the taxes (losses) and survives if not thrives (if I run the damn place better).
