12/18/10

Glendale Pays Over 220m/Nassau-TOH Nothing For Wang

New York Islander Fan Central | 12/18/2010 09:03:00 AM


Our fans should stop blaming Charles Wang and take the fight to save this team to Ed Mangano and Kate Murray's doorstep daily, it's been going on long before Wang bought this team.

Bottom line in a town that already has a new modern arena Glendale government has agreed to give incoming owner, Matthew Hulsizer close to 200m dollars and control of revenue from facility.

This was after Glendale paid the NHL 20-25m to guarantee any possible losses for them running the team for a second season.

Meanwhile all we get here after Charles Wang has lost hundreds of millions, in the league's second oldest building (while Dolan's get their tax exemption from NYC) is he should spend more or fans will not support the product. Nothing from Mangano, Murray or the Nassau/TOH politicians that have given this team nothing but Smg-controlled lease that Wang (and or Scott Rechler) will pay 17m to make back some revenue from events at Coliseum or Kate Murray's LH project, which was designed to be rejected, and never made it to a public hearing.

Smg only agreed to this deal because of fear or losing revenue during a renovation, Wang/Rechler don't make back 17m or become profitable from agreeing to this. Smg losses money on the Nassau Coliseum also.

Forget the weak UFA player market last summer, all the front-loaded contracts it requires today to sign a quality player, and forget the Islanders depth chart going into camp.

Every other local/NJ team that got taxpayer money in bonds/tax breaks or infrastructure to build new facilities here, Glendale stepped up for it's team and it's modern building to keep it's primary tenant.

Why won't Nassau County/TOH do the same for a man who has lost hundreds of millions, who would never see a dime of profit in his life-time if the Wang-Rechler full LH project started construction tomorrow?

Charles Wang is sixty six years old, if construction on original LH started today, was rented/financed/competed on time/budget (all economic/construction miracles) by the time Wang paid back banks for his share of financing (with Scott Rechler) he would not see a dime of profit (to say nothing of money he's lost over a decade running the Islanders) in likely two life-times.

Yet some maintain he bought the team for the land and only to make money. Comical, given the man also has a lease in Bridgeport until 2021 for the Sound Tigers to save that team from late Roy Boe and has no real estate projects there.

What happened to all the people who were blaming Nassau/TOH and saw the real problem that has gone on here for closer to twenty years? The one that even Glendale paid huge to fix for an owner who will lose plenty of money in this deal, regardless of what they give him.

Same as Charles Wang.

Meanwhile, Mangano/Murray are barely mentioned anymore. Our fans got lazy in that fight and would rather blame a man who was told in 2003, Nassau/TOH cannot do anything for the Coliseum which is the only reason Wang/Rechler were approved by Nassau as LH developers or why there was ever such a plan to begin with.

Meanwhile the same short-sighted fans come off like Kate Murray and demand Wang, simply lose more money and renovate Nassau/TOH building for them, plus take the full hit on the teams payroll.

Sadly many of the same fans/media dumping on Wang, sound more and more like Howard Milstein and demand the building be filled before they invest in the team, except they they demand Wang spend 50-60m and gut their prospect pool before they will fill the seats.

In short, they will not return under Wang, unless the same Milbury plan they reject to this day happens here again.

Charles Wang is spending the same 40+ million he did before a salary cap, a little fact lost along the way.

While the same fans/media say we don't care, lose more money, don't leave spots for prospects or worry about paying them down the road.

What part of there is no MOU/LH project without Scott Rechler don't these same fans or media understand?

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