8/2/12

Charles Wang's Neulion Wins Olympic Rights, 2011 Lease Changes?

New York Islander Fan Central | 8/02/2012 12:00:00 PM
Charles Wang owned Neulion has won the contract with China Central Television (CCTV) to provide video streaming services for the 2014 Winter and 2116 Summer Olympics in China, the company says in a video interview for 160m.

Hockey is discussed at length.

NYIFC Comments: 
Obviously Charles Wang will spend his money when the right deal comes along for his business interest.
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Some interesting items reported by the Long Island Business News on Wednesday.

Mangano's spokesman said that the choice of a Master Developer for the HUB site would likely be made this month which is incredibly quick given in 2005 this took several months, and was set back a full year from when Tom Suozzi/Wang made their 2004 agreement, which Al D'Amato/friends forced Suozzi, to make it an open RFP which Wang/Rechler eventually won against some of the same names now.

More interesting is this:
Wang’s newest lease for the Coliseum signed last year gives him a say in what eventually gets built around the rest of the property. The Hub’s master developer will have to build a tiered parking to make up for any of the 6,500 parking spots lost, and Wang can reject any plan he deems would “adversely affect the use and operation” of his Long Island Marriott hotel and the Coliseum.

NYIFC Comments: 
David Winzelberg's work is usually very solid or I would not have posted this.

To the best of everything reported last June's signed agreement called for a thirty year extension of the Isles lease to 2045 (without Smg) which never happened because the referendum was defeated which begs the question what lease signed last summer means anything now unless some of what was agreed to is still binding?

Yes there is the original 2015 lease, plus the 2009 sub-lease signed which Wang can opt out of, perhaps that gives him some rights as to what's constructed on the property. 

Obviously Wang can do what he wishes come 2015 which begs the question what lease signed last summer is enforceable now?

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