Projecting Out Coliseum End Game Long-Term

New York Islander Fan Central | 8/04/2011 11:17:00 AM |


Now things get tough folks, everyone took their out but Charles Wang.

Sorry to write everything short of Ed Magano's Casino idea for the Coliseum site (which he quickly killed) is playing out exactly as projected here. Kate Murray sat in silence, she's not going to be blamed or remembered for a referendum defeat.

Mangano got from plan A through plan C, very quickly from his NYIFC Blog Entry 4/11 Press Conference until now.

Now the land is anyone's to develop via an upcoming RFP without a new Nassau Coliseum.

Mangano's doing exactly as projected, playing the will of the people card, he's used his out.

No doubt he told Charles Wang, I just spent two million dollars in loyalty, took a huge political beating doing an August election, I have done enough.

It's also fair to write perhaps Mangano also told Wang, get in line like everyone else and win another bid, which frankly should be too insulting for him at this point (hundreds of millions in losses) and likely impossible financially without another Scott Rechler.

Kate Murray (not sure if she commented) got her name mentioned for her new zone which can get her best interest (her political developers) on the property, after total silence since May press conference.

Charles Wang stayed true to forum, he went right back into get the focus back on hockey, he deserves highest marks for that, eliminating distractions, but it's not helping himself long-term.

Wang should have pointed out how Mike Bloomberg got every other local team a stadium in the backroom via the taxpayers without a public referendum.

Long-Term:
Mangano and TOH are going to make the best business deal for Nassau County, there will be no inside advantage for Wang being the anchor tenant of a building that has to be replaced, unless this upcoming RFP is for Mangano to come back and declare all these plans are not viable, we need a new Coliseum.

That's highly unlikely.

Mangano made this a public referendum to avoid political blame long-term, not to attach his political career to a forty year old building, and put himself back on the hook.

Bottom line, the right developer comes in with money to develop the entire site within Murray's zone without a Nassau Coliseum, the Islanders will have to relocate.

Why would any private company build a new Nassau Coliseum for Charles Wang to be the new Smg, and make all the revenue from it?

Cablevision can come in and bid on an arena for themselves as well, kicking out the Islanders for their team of choice, I don't see that coming for a while.

Charles Wang (unless he was told otherwise which is unlikely) has to get back in line now with everyone else wanting to build on that site if he has any interest at all?

Wang's hotel cannot be removed which is his tie to that site beyond 2015, and could make things tough for another developer.

It's also been made clear via Howard Saffan, Bridgeport ownership of the building in Ct signed this summer is going nowhere along with the Sound Tigers, who are owned by Charles Wang.

Obviously unless Cablevision wants to give Charles Wang a big TV contract buyout, it's in his best interest to keep the team local.

The non-sense in Brooklyn and Queens is just that, politicians can talk, they cannot get people to spend close to a billion dollars on a facility in Flushing.

The site itself could take years to prepare for any kind of construction.

Wang wants the team at his hotel next to the Coliseum, unless there is an outside buyer for the team and someone with the money to build an arena and start construction on Shea Stadium parking lot by next summer that is not happening. Mike Bloomberg (friends with Dolan again) is not getting away with any more taxpayer bonds in backrooms for a Queens arena.

The deadline for RFP in Queens/Willets Point was moved back four weeks, tons of competition there also.

Maybe Wang or someone takes the team to Brooklyn and they create enough capacity, but the revenue from all events will not be with the Islander owner as a renter.

As for Monday night, the Nassau legislature soon enough would have been defeating the Coliseum referendum approval vote. Can you picture Peter Schmitt, approving a property tax increase along with other legislators throwing away their re-elections?

Now it get's tough. The framework is there for a Coliseum deal, but will Mangano jump back in or simply rubber stamp the best potential deal when an RFP is ready, and protect his political career?

Mangano's used his out, the best deal moving forward wins, does Charles Wang want to go through that again?



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