Nets/Barclay's Center Sold To Prokhorov: Coliseum Update

New York Islander Fan Central | 12/16/2015 05:43:00 PM |

NYIFC Comment: Does not make clear if Prokhorov must sell together as one entity, or can sell Barclay's to one person & Nets to another. Mr Prokhorov now is financially responsible for the Islanders iron-clad lease at Barclay's center, and must pay teams majority/minority owners.

It's unclear if Wang's agreement where he has rights to live streaming all Barclay's events (besides Nets) changes here. ITV/Neulion coverage seems gone with team mostly using Msg content which could be Dolan, but likely not because practice coverage reports also diminished vs past format.

It also means Mr Prokhorov's people at Onexim Sports & Entertainment now entirely call the shots in terms of running the arena with a basketball team they already had an eighty percent stake in, along with running most of the Islanders business operations/team website.

NYIFC Comment: REIT goes beyond my knowledge or if Bruce Ratner can own any stake in Coliseum on 1/1/16 and continue renovations, but bottom line is Prokhorov can sell his 85 percent stake in Coliseum to someone who would control new arena lease & it's commitment to bring an AHL team to Coliseum as anchor tenant.

Jon Ledecky/Scott Malkin are not listed as minority owners of the Bridgeport Sound Tigers on the teams website, only the Islanders. Sound-tigers website does reflect the changes in team president/personnel since last summer.

Charles Wang's Harbor Yard Sports & Entertainment operates Webster Bank Arena until 2021, provided a "Professional Hockey League" in that facility. Bill Finch who negotiated the agreement with Wang in 2011 is out as mayor.

No folks, once again Jon Ledecky/Scott Malkin/Charles Wang are not breaking their lease at Barclay's with whatever revenue they receive for the downsized moderately (90 mil) renovated Nassau Coliseum with no luxury boxes, and crowds under 10,000 on weeknights most nights since 1989 who want twenty dollar tickets, and a max payroll.