Coliseum Asbestos Issues Could Be A Problem--Or Nothing

New York Islander Fan Central | 3/24/2012 02:21:00 AM | |
Updated Saturday PM:
Nbc New York: Released a video on New York State, and Federal Investigators doing an investigation of asbestos issues at the Nassau Veterans Memorial Coliseum.

"The Islanders expect that the building owner, Nassau county and the building facility manager, SMG will review the allegations and take any and all appropriate action. The safety of our fans, players and employees is paramount."

-Islanders senior vice-president, Michael Picker.

NYIFC Comments:
Interesting, however this likely means absolutely nothing.

If events/hockey games are cancelled there is a problem.

Just to refresh folks memory Msg had to cancel a game last season because of asbestos related issues here.

What's also mildly interesting here are the Islanders, (the primary tenant), commented before Nassau County, (owner), who are responsible for capital repairs to the Coliseum with possible lawsuits, (not Smg), who manage the facility and are only responsible for minor repairs.

Some will recall on 7/10/2011 the Nassau legislature approved four million dollars in repairs/upgrades.

It would be presumptuous/speculation at best connecting Smg announcing they were bringing in a new general manager for the Coliseum to book events a few weeks ago here as a sign the Isles want out of their sublease based upon this.

Bottom Line:
The New York Islanders can opt of their sublease without an asbestos issue, we all know Mr Wang's comments on honoring his lease. The team has given no indication they want out of their sublease.

If that were to happen, the Isles could move immediately only if Nassau County approved such a request. Smg would receive it's money through 2015.

Recently this blog did an entry with links to the sublease agreement.

The Islanders letter to ticket holders also give the impression once again they are ready to upgrade Nassau County's facility at their own expense, teams wanting out of a sublease don't spend money for their landlord.

In the event the Coliseum were closed for an extended period due to this issue it does Charles Wang's Marriott hotel harm financially.

If this becomes a major issue it forces Nassau/Mangano to perhaps put this back in the taxpayers laps without referendum, done behind closed doors as all other local teams received.