1/25/12

When Perception Ruins Reality II: Wang Payroll/Coliseum

New York Islander Fan Central | 1/25/2012 10:03:00 PM


NYIFC presents some light reading during the break.

Some folks like to write (perhaps re-write) their own history, or are not aware of it?

Many of our fans do not follow what's transpired, do not remember or simply need to vent here or at NYIFC twitter feed.

It's tiring repeating the same things.

Charles Wang is not the owner of the Pittsburgh Pirates or many baseball teams in modern stadiums, who had incentive to spend less money because they receive Yankee (aka NY taxpayer new ballpark money) luxury tax/revenue sharing money here and are more profitable because they spend less.

Charles Wang does not receive the 10-14m in revenue sharing here that Caps owner, Ted Lenosis does to front-load player contracts here as Dolan does with his 1981 Msg taxpayer exemption in the NHL's oldest building.

Nor did Charles Wang get Mr Vanderbeek's largely taxpayer funded building in Newark, with arena revenue. That money-losing facility is likely already headed for bankruptcy, those links have been posted here several times.

On May 6th 2011 NYIFC had a blog entry titled When Perception Ruins Reality: Wang's Payroll/Spending.

On August 4th 2011 post-referendum defeat NYIFC projected out the Coliseum end-game, long-term.

NYIFC Comments:
Folks, in the end you can be informed with the facts (not from NYIFC views) but what's been reported with supporting quotes, or you can simply vent and learn nothing?

This blog has tried to help keep folks informed.

As for the Coliseum, it's Nassau County's building. Charles Wang is a rent paying tenant who spent ninety million dollars to buy the Marroitt next door, unless he can find a buyer for it, he owns it permanently past the Isles current lease unless there is some factor not reported.

This means he cannot physically transport his hotel to Queens, Brooklyn or elsewhere, and it's likely here or nowhere for him to continue as owner nor is someone in those places building him a new arena or giving him revenue for it to make financial sense for him. Most do not know this or understand Wang-Rechler bought the hotel, Wang bought out Mr Rechler's share which we have posted the links to several times.

We know what it would take for Charles Wang to sign a lease extension based on the past.

He would agree to for a renovation when partnered with Scott Rechler during the LH development and what he was willing to sign a lease agreement last year without Mr Rechler and no development. 

Based on last summer he is no longer interested in developing on the property or constructing an arena for Nassau County, he also made clear during interviews he would likely not pay for a new Coliseum or is interested in a renovation. He would not have personally constructed a facility if the referendum was approved based on News12 debate/interview.

There are two things in question, the first being what percent of the land does Charles Wang have rights to beyond owning the Marriott? One article reported it's the area between the hotel and the Coliseum (below) or the walk of champions area.

In 2005, it was reported Mr Wang's portion was a Forty foot wide easement connecting the hotel to the Coliseum.







The second would be is Scott Rechler part of the Dec 2009 Tom Suozzi/SMG sub-lease that is costing Mr Wang and/or Mr Rechler seventeen million dollars until 2015 to make Coliseum revenue from all events, and have some management rights or did Mr Wang also buy out Scott Rechler's interest?

Aside from that it's all speculation between Mr Ed (I do not go or send staff to LightHouse Tournament Charles Wang paid for again) Mangano. Hofstra President Stuart (the Isles should move to Belmont because I can expand Hofstra $ interest to HUB but we need a sports team here/not saying Isles must stay) Rabinowicz.

Whatever best serves Long Island Association (LIA) with Kevin Law/usual suspects (invite Bob Nystrom to one meeting) trying to get something done within Kate Murray/TOH limited flexible zone, that Wang/Rechler/Suozzi said was not economically viable that is now being echoed by other developers as that very expensive parking garage keeps coming back.

Only Jay Jacobs knows between paying for his New Jersey Giants/PSL, where he stands on the Coliseum today. No recent images of him wearing a Tavares jersey.

No, NYIFC has not forgotten our entries from last summer. Never forget the Cablevision Dolan's buying the property after all has failed, renovating the Coliseum for their own interest and sending the Isles packing when lease expires to save cable contract money until 2030, then expand their teams permanently into Nassau County as they did in Hartford and with the LA Forum.

It could ultimately be the one Nassau County has to accept as cash up front.

For now, Mr Mangano is likely headed back to early 90's with an RFQ as opposed to the RFP, for his next plan as the clock ticks down (or he intentionally runs it out) at a point construction/renovation must begin. There is no sign he will be meeting with Charles Wang as Mike Bloomberg, Cory Booker or Ed Koch did long ago to do what was necessary (in backroom) to retain those teams as apparently many Canadian cities have recently done on taxpayers backs without referendums.

Mr Mangano is also too busy celebrating the 25th anniversary of the NJ football Giants 1986 championship, pulling out the stops for this years game. Mr Suozzi's adminstration missed that memo in May 2005 for  New York's hockey team.
 

Flyer owner, Ed (Smg managed Nassau Coliseum/NBC-Comcast Sports Network) Snider got his taxpayer funded Lighthouse (Philly Live) where the old spectrum was here.

Mr Wang/Rechler lost 20m and did over two hundred community meetings on one project, Mr Wang's tire-less work last summer got 67,000 people to vote for Mr Mangano's automatic tax increase for thirty years regardless how a new Coliseum did, with a referendum that no other local team had to endure.

Ok. Enough repeating old entries. Feel free to read them.

The information came from quoted articles/not sources, fan sites guessing on NHL payrolls or Michael Ozanian's guesswork with no team books at Forbes.

Charles Wang receives no break from NYIFC, however someone has to write what's transpired., others will demand he give Zach Parise 20-30 million dollars immediately for the 2012-13 hockey season (that's what front-loading is and what top players demand) and a lot more for the years afterward or our fans will not support the team with the 29th best attendance because they are tired of waiting and frustrated.

The Nassau Veterans Memorial Coliseum has a better championship tradition than Maple Leaf Garden, no current or past US facility (including Chicago Stadium/Boston Garden for NHL hockey) comes close. The Nassau Veterans Memorial Coliseum should be respected and revered for the championship tradition the same as the Montreal Forum, while also understanding change is needed at the Coliseum.

That is a media perception game with a ton of double-standards. No hockey media person in Canada would stay employed long to write daily Maple Leaf Gardens was a dump daily from 1931-1999, or the Montreal Forum from 1924-1996 as people needed to stand next to a rail between seated sections.

No US hockey team has had a greater NHL dynasty than the New York Islanders, or has matched their success to date since 1983, no professional franchise ever won nineteen playoff series in a row as was witnessed in that building.

Change is needed, same as was necessary with the same respect and reverence as those facilities. 

Once again, ultimately, it's up to each individual. 

Enjoy the break.



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