I'm working on my blog entry regarding the working relation between Ed Mangano's Nassau County and what NIFA is all about, frankly speaking think of Wang/Rechler vs Murray at their absolute worst days x 100.
Not even Howard Milstein vs Tom Gulotta/Smg during time they tried to take Islanders out of Nassau Coliseum for scoreboard hoists at their worst even come close.
It's that bad from my research the last few days. Charles Wang walked into a disaster between these two entities and it's as political as it gets.
Friday's Update: NIFA (Nassau Interim Finance Authority) is criticizing the cost of a special election between 800k and 2m depending on who's spin with democrats opposed to Mangano. Apparently the agreement is Wang will pay for election only if the referendum is approved which is unheard of based on what I have read.
Deputy County Executive Tim Sullivan said Friday in a letter to NIFA Deputy County Executive Tim Sullivan that the Islanders and the county would hammer out a contract in the next month and would release financial details on costs and revenue by mid-June.
NIFA board member George Marlin Friday called Sullivan's response "sophomoric" and argued that publicly financed stadiums have been historically "great for the owners but bad for the taxpayers."
"They want to stick the taxpayers with $400 million in debt without providing an economic analysis, a feasibility study, a cost analysis, no figures in terms of the sharing of fees and no environmental impact study," Marlin said. "They went public with this without the facts."
Said Mangano in response: "George Marlin is entitled to his opinion and the voters are entitled to have their voices heard."
PT Two will be blog entry that will be released Sunday on background of NIFA/Nassau County Legislature and how poor things are between these two entities.
Folks, you know where NYIFC has stood on the Coliseum issue for a long time.
I was writing this when Oilers owner, Daryl Katz was issuing real threats about the future of his team in Edmonton, not the ones Wang has never issued to date.
It's time you pay up.
Everyone else was forced to pay with no choice on the matter as the city councils or bureaucracy from NYC through Newark/NJ/Meadowlands told the taxpayers what would be done whether you liked it or not.
It's an insult Ed Mangano is even allowing a public referendum and a joke the Nassau Coliseum would become the shuttered Roosevelt Raceway which of course led to Al D'Amato being investigated with so many of the names you have read over the years regarding the Nassau Coliseum here with even former Msg owners involved at one point.
It's time for you to pay, same as everyone else was forced to pay with no choice.
Charles Wang was talking about floating bonds in 2003 when Nassau could not pay for their own building. *************** A short time ago I wrote no chance Glendale pays another 25 million or the NHL operates the Coyotes again for another season.
Turned out this blog was dead wrong. Shocked that town is willing to pay another 25m dollars or the NHL continues to absorb losses to operate that franchise.
I guess Glendale is really stuck between what they spent to build that facility vs finding anyone willing to lose that kind of revenue owning the club. Also gives me the impression a 10-13m dollar loss (above 25m) is one the league does not mind given so many clubs already losing as much or more.
The commentary coming out of Canada is pathetic on the subject. All Winnipeg and Quebec had to do was pay the money for new facilities if they wanted to keep their teams in the first place. *************** The New York Islander goaltenders cannot even go to Slovakia without getting injured, first Nabokov, now Montoya, who was not healthy enough to dress as a backup in team USA's elimination loss.
Anders Nilsson was incorrectly listed as starting a game for TSN. *************** Nice to see the Islanders finally posted a video with Rick DiPietro, it was painfully weak of them not to release his season exit interview because folks wanted to see his reaction to being asked about three goaltenders next year.
Katie Strang (like with DiPietro) today again tried to portray Charles Wang's reactions to a question but we have video so we can make our own judgment.
Best reaction was Larry Brooks when a media person laughed at John Tortorella's bus-stop comment as Brooks abruptly turned to face the person laughing. That my friends, is someone bristling.
Now go cover baseball in the so-called big hockey market. *************** Here goes NYIFC again:
Will James Dolan's Newsday Editorials support a new arena vs Dolan's renovated one or will his paper and comedy staff (aka sportswriters) who never report on Garden's forever tax exemptions/laughingstock teams work the other side of the street that will help Cablevision/Msg/Newsday's best long-term interest come August 1st?
You think Newsday will start doing editorials about Msg's 1981 tax exemption that the NY Times did in 2002 here to save the thirteen year old Msg?
They had some brief supportive editorials of the Lighthouse Project.
In this blog's estimation the one true credible long-time business reporter is Mark Harrington. Will he be turned into irrelevant Fran Healy/Arthur Staple with many others in Cablevision's best business interest? Seems the Kranek-Winnicki filter only allows insults on teams or facilities not owned by James Dolan.
Sorry gang, hate even mentioning the Dolan's coverage.....again.
This blog is also well aware NYIFC hammers them in far too many entries and from this point on that will be scaled back significantly regardless because I have made the case as best I can and will leave it in your hands.
NYIFC has been far too repetitive on this subject, it's become counterproductive to what NYIFC is about.
Having written this it is not this blogs fault Cablevision/Msg owns Newsday or the television coverage, and have a track record a mile long that screams they are no equal partner with the teams they own television rights to by their actions time and again or that their business dealings with media, newspapers, sports teams and employees have been a disaster.
When James Dolan's Newsday columnist write the Knicks and Rangers along with James Dolan are a joke (as all other local papers do often) and write Msg is a dump they have earned the fair right to run down Charles Wang, the New York Islanders and the Nassau Coliseum exactly the same way.
That's the day James Dolan's Newspaper and television coverage become relevant, are no longer a joke, and are worthy of being trusted.
Not before.
I'm basically done on this subject. Even the twitter account will tone down the subject. Cannot go any further, the archives here speak for themselves. ************** Alexei Yashin's four playoffs in five years looks like Yzerman compared to Ted Drury's brother earning seven million for one goal and zero criticism. Yashin is even a better interview in two languages. *************** In terms of the NHL playoffs it's a parity driven league now. Teams coming back down 3-0 in series have become more commonplace. The difference between the top seeds vs the eighth seeds are who is hot at right time in most cases.
Once momentum changes anything can happen, it's not a 1975 league anymore with those kinds of dominating franchises. *************** When Mike Francesa talks NHL, hockey fans usually start laughing and Wednesday was no exception. I do believe he likes the New York Islanders. He started off terse, yelling at his own staff before shouting down his callers as he became an instant expert in about fifteen minutes while still stuck on Lighthouse Light Rail that was never even proposed.
I was hoping for Charles Wang to appear.
If Francesa is that outspoken against taxpayer bonds that's fine, however he should have been hammering New York Yankees President Randy Levine for the same thing that financed two local stadiums. Instead he hammered Assemblyman Richard Brodsky for even questioning additional financing for his favorite team.
Here is frequent Msnbc guest Randy Levine the same week after 400+ million were spent on baseball players:
This was the same time Daily News & NY Times with Espn & countless publications reported the Yankees and Mets needed even more taxpayer handouts.
For that matter where was life-long Yankee fan Mike Francesa when taxpayers renovated Yankee Stadium from 1974-1976 at close to 100m when the starting cost for that was only Shea Stadium 1964 price of 24m?
Apparently different standards for different teams which is why his former worthless partner, Chris Russo, at least would have called Francesa out for his hypocrisy if only to stir up his rival on air. ********************** Tavares is only New York Islander still playing at WC. Jurcina, Montoya have been eliminated. Nabokov was injured so TBD at best/Nilsson has not played. Martinek has not returned to lineup nor has Jonesuu played.
The press conference is over, aside from Kate Murray drawing boos, and that she will continue her zoning for property that will fit within this project very little was brought forward that was not detailed in previous blog entry.
The crowd was chanting build it now, the chants were not " Let's go Islanders. "
Whether a public vote passes or not, Ed Mangano failed the past, present and future of the New York Islanders today.
He took the easy way out when he could have said this is what I'm submitting for legislative approval today. He did talk a lot how this project would pay for itself.
That picture (above) is of Ed Mangano with the Yankees Championship Trophy in Nassau County last April after NYC taxpayer construction bonds financed, then later refinanced a New Yankee Stadium where no Bronx resident was put in a position via referendum to approve a convicted felon's private neighborhood inside a new baseball stadium because he decided he had to make more money.
Why? Because it would have been overwhelmingly been rejected by the public as Mike Bloomberg was closing firehouses or cutting city services the next day.
Mr Mangano's administration was also involved in an event only a few days ago at Citifield where again taxpayer bonds helped finance construction of a completely unnecessary shrine to the Brooklyn Dodgers here that was all done behind closed doors with no vote from the taxpayers.
Why? Again because it would have been overwhelmingly been rejected by the public, although granted a major renovation needed to be done on Shea Stadium that happened at Anaheim and Kansas City seamlessly.
Instead Ed Mangano took the easy way out, he did not stand up and say Nassau County is never losing the New York Islanders and that this historic franchise is a public trust, the same way NYC/NJ government officials never gave the voters any choice in what was decided because their teams were too important.
That was what Mr Mangano needed to do, with no public referendum, only an announcement of what Nassau is doing with his future riding on it.
Pass or fail, it was a terrible day for the fans of the New York Islanders.
That baseball stadium is the one thing Nassau politicians are always enthusiastic about.
Tying the New York Islanders future to a public referendum is far worse than the Lighthouse project in countless ways. If all is approved tax-free bonds will pay for a new arena and a minor league baseball park.
You can bet the cost for a new arena will go well beyond 350 million and that's more of a starting point.
Bottom line, Ed Mangano left the New York Islanders future in the taxpayer hands via referendum and that is frankly pathetic because no one else went that way when it was time to get something done. He also made it very easy on Kate Murray as well after the New York Islanders had two men ready to finance 3.7 billion for a project where no taxpayer was forced to pay anything.
Sure it can pass/sneak through via public vote 8/1, between unions/politicians it likely has been setup to go as such, however that's not the point.
Mangano did not do what NYC did for the Yankees and Mets when the taxpayers were forced to accept long-term construction bonds for two unnecessary new ballparks drawing seven million people.
Mangano did not do what former Mayor, Ed Koch did, forcing the taxpayers to give Msg tax exepmtions for life in 1981 to keep Msg ownership from moving it's teams to the Meadowlands/Nassau County, exepmtions that Cablevision refuse to surrender to this day even if it means they remain where they are.
Enough articles have been posted at NYIFC detailing all of these agreements and how they were financed.
Mr Mangano also did not do what Newark did to make sure the Devils relocated there or what the Red Bulls received for a new soccer stadium, nor did he give what New Jersey gave to construct the 1976 Giants Stadium (still being paid off via bonds despite being demolished) or the new Meadowlands Stadium that included massive infrastructure or even what the Nets will receive from taxpayers in moving to Brooklyn.
Instead Mr Mangano is leaving the Nassau taxpayers to make the call, something not one local government did in any of these projects because he would not make it himself.
Charles Wang for his part received a lot of heart-felt applause on Wednesday and was enthusiastic, as he usually is. He will will turn 67 in August, unless he plans on being around like William Davidson, who won championships for Pistons and Lightning in same year, then sold at a late age the future beyond his time as owner must be asked.
Wang was only talking about floating a bond around 2002/03 for a new Coliseum.
No explanation was given regarding Smg's future (they reportedly had rights or operational control over what was built after 2015) or who will operate a new facility if approved or how a new Coliseum becomes self-sustaining for Wang or any future owner given the Lighthouse was necessary to make the Islanders self-sustaining?
This goes beyond Charles Wang, who has done all he could (with Scott Rechler) to take the taxpayers off the hook. He will own the Marriott and his property regardless how this plays out around the Coliseum. He will not be developing a New Coliseum himself this time if approved or making presentations.
The name Scott Rechler was not mentioned at the podium and that's a shame because his skill/financing and reputation with RXR is something badly needed here.
I do not believe voter rejection is the final word for the franchise if it fails to pass in August. Mr Wang will continue to own the hotel, he has a cable contract until 2030 so he cannot simply start somewhere else or keep operating a hotel with no Coliseum next to it.
Pass or fail in a public referendum come August, Ed Mangano failed the New York Islanders past, present and future today. He needed to take this directly to Nassau legislation for approvals and announce an agreement was completed.
He needed to show leadership.
Instead he dumped it on the taxpayers in horrible economic circumstances.
"I guess the most important thing is we haven't given up, We give it our all to try to get it done. We can't say we've succeeded yet, but we hope this one will work."
Asked about the New York Islanders' future if the referendum doesn't pass: "I don't want to contemplate that right now."
-Charles Wang 5/10/2011
This is the bottom line broken down:
1-Nassau County wants voters to approve a referendum to borrow up to $400 million for a new arena that would keep the Islanders in New York through at least 2045 and also finance construction of a minor-league ballpark. The proposal would earmark $350 million for a new arena and $50 million for a minor-league ballpark at Mitchel Field.
2-A simple majority of the 19-member county legislature would first vote to decide whether to put the referendum on the ballot.
3-If the plan is approved by voters on August 1st, the legislature would vote again, requiring 13 votes to approve the bonding.
4-The Nassau Interim Finance Authority, which control of the county's finances, would have to approve any bonding agreement to fund the construction along with separately approving the related contracts.
5-If passed, the plan would officially replace the Lighthouse Project and shift a proposed Shinnecock Indian Nation casino from the Coliseum site to Belmont Park.
5A-As of now the Shinnecock's have made clear they have no MOU or agreement at Nassau or Belmont.
6-If passed, the county would begin a request for proposals process to bid out the construction, a project that could begin next spring and finish before the 2015-16 hockey season. Once completed, the Nassau Coliseum would be demolished.
7-The $400-million debt would be spread out over 30 years -- the same length as a new lease between the county and the Islanders. The debt would be paid through revenue sharing between Wang and the county to be determined.
8-The new arena would have 17,500 seats for hockey games and 20,000 for concerts.
9-Nothing is provided if Kate Murray's current development is officially scrapped or TOH approval must be given for all this to begin if all taxpayer referendum/Nassau approvals are given.
NYIFC will have commentary Wednesday after the press conference. The NY Times has the usual misinformation from Ken Belson that tells somewhat of a different story here.
CONTACT:NYIFANCENTRAL@YAHOO.COM
