7/7/12

Mangano Announces Another Coliseum Plan

New York Islander Fan Central | 7/07/2012 09:07:00 PM
Newsday: Reports County Executive Ed Mangano is expected to release an Request For Qualifications 7/9 seeking a "master developer" for the Nassau Hub property. The winning developer would be required to "immediately begin negotiations" with the Islanders and the arena's management, Pennsylvania -based SMG.

The goal, Mangano said, is to make up the difference between what Wang is willing to pay as the Coliseum's tenant and the total price tag of a new or renovated arena. The plan does not detail how much Wang would contribute. No county money is involved, Mangano said.
 Nassau Democratic Party chairman Jay Jacobs called Republican Mangano's plan "counterproductive" because it removes the county's ability to deal directly with the Islanders' leadership.

NYIFC Comments:
The usual suspects all comment, the New York Islanders do not, let the politics begin.

What I found interesting is Smg being any part of the long-term picture, their lease to operate the current facility ends in 2015, but long past articles indicate they have some control over what's constructed.

I see no plan that is viable for Charles Wang that does not give him all revenue from a new/renovated facility like many of his counterparts in New York, New Jersey. Asking the tenant to pay is not what other teams in  new facilities are receiving. 

The referendum agreed to last summer kept Wang out of the real estate business on the property or the physical construction of a new building.  He agreed to pay rent/a portion of all revenue while he kept the rest from all events beyond hockey.

That's what he was willing to sign a new lease for.

Bottom line whatever happens has to allow whoever the Islander owner is moving forward a financial structure to sustain an NHL franchise at that site.

Wang owns his hotel permanently so he has incentive to work something out that's sustainable past his tenure as the teams owner for a new/renovated building. 
         

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