3/25/09

The worst that can happen at 3/26 LH Meeting?

New York Islander Fan Central | 3/25/2009 10:59:00 AM
I keep reading we are coming down to the end of this process and we will find out about the teams future.

Isn't this more we will find out about the owners status in terms of his future?

What is Charles Wang ready to tell us about the future of his hockey team tomorrow if the TOH does not approve this project?

He cannot move this team until 2015 unless TOH approves the project and Nassau cannot negotiate a lease. Anyone think Kate Murray or TOH is going to greenlight this just so Nassau can not negotiate a lease?

If TOH turns down the project the lease is binding unless Tom Suozzi and Charles Wang have a secret deal that has not been reported to let him out of his lease early, a few articles have talked about lawsuits and jail-time if the team was moved before 2015.

There is also Smg's lease which runs until 2014 no one is talking about and the Cable contract that runs until 2030.

Is Mr Wang ready to sell if the project is turned down because that's his only option unless the NHL will let him terminate the franchise which is absurd considering Msg is an older facility and a few teams in this league play in old buildings like Detroit that have had attendance issues at times despite their success.

If the franchise were terminated or operations suspended he losses what he paid for the club and still has player contracts to honor starting with DiPietro and Yashin.

If the New York Islanders had their parking, full ticket sales and concessions combined with revenue sharing even in their current situation they would not be losing more more than most clubs in older buildings.

Most NHL teams still lose money and plenty of it, Msg before the lockout was losing 25-40m a year which we have referenced several times. A lot of folks reference Forbes but they have no hard data from the NHL or any team, that's total guesswork from them.

So I'm asking, what bad news is he ready to tell us beyond he needs to Lighthouse or he will have to sell which is terrible news but should not necessarily mean this team relocates.

And absolutely not before 2015. Tom Suozzi cuts some kind of deal to let him out of his lease early that is going to be fought long and hard and may be tougher to do than approve the Lighthouse.





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2 comments:

  1. 1) Correct if wrong, but seem to recall a few years back when there was uproar about the SMG contract, etc that the Isles could buy themselves out of their current lease if they chose. Several million yes, but it it is possible.
    2) If that is in fact true, then the Isles may not be there until 2015. If the worst happens, next season could be their last.

    ReplyDelete
  2. Faux,

    The lease can be bought out on Smg's terms which a decade ago were about 31 million but that company also has rights to whatever is built on that property in the future.

    Only real recourse Nassau-Islanders have ever had is to ask the lease be condemned which is in the Lighthouse plan but as a stand alone to get their out of the agreement before 2014, no.

    It should be noted season ticket holders have received invoices for the 2010-11 season this week.

    There is also that 300m in cable fees that runs until 2030 no one is going to give them if they move.

    Final year of that agreement the Isles are supposed to get 36m.

    Thanks

    ReplyDelete

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