https://blinks.bloomberg.com/news/stories/QBZO3ODWRGG1 *BILLIONAIRE PROKHOROV TO SHUTTER LONG ISLAND’S NASSAU COLISEUM - niteislander
Jim Baumbach @jimbaumbach
Coliseum shutting down as it looks to county, other investors to take over; Islanders' deal from 2018 still in existence and therefore expect games next year to move to Brooklyn. No comment yet from Isles/NHL/Barclays.
If a deal goes through, it would not be able to take effect for some time because BSE Global signed a contract in December for four-plus years with Nassau County, which wanted stability.
A change in ownership would mark the third lease holder of the Coliseum since Nassau County picked Forest City Ratner to refurbish the county-owned building six years ago. Two years ago, ONEXIM bought 85% control of the Coliseum. It’s looking like it could change hands again, albeit separated from Barclays Center
If a deal goes through, it would not be able to take effect for some time because BSE Global signed a contract in December for four-plus years with Nassau County, which wanted stability.
A change in ownership would mark the third lease holder of the Coliseum since Nassau County picked Forest City Ratner to refurbish the county-owned building six years ago. Two years ago, ONEXIM bought 85% control of the Coliseum. It’s looking like it could change hands again, albeit separated from Barclays Center - Puckin_Island
NYCB Live's Nassau Coliseum will shutter its doors indefinitely as billionaire operator Mikhail Prokhorov seeks investors to take over the lease of the 13,000-seat venue and assume the remaining $100 million in debt, a Prokhorov spokeswoman said Tuesday.
Belmont is supposed to open in 21? Or 22? Just play in Bpt for a year. I’ll buy season tickets for that. - chazpet
Had the world not gone off the rails, the Islanders would've played the remainder of 2019-20 season at the Coliseum, as well as all of the 2020-21 season. Belmont is on track to be open for the 2021-22 season.
Location: Do not disturb: I love awkward silence Joined: 08.28.2019
Jun 16 @ 4:10 PM ET
Do you understand that this pandemic doesn't have an expiration date???
That, my friend, is the definition of 'Indefinitely'.
The guy has been trying to sell his lease for years. He was earning income until the pandemic started, and he was gaining 20+ Islander games next year.
I think he's trying to get Nassau county to let him out of his lease, or let him finally develop all the land that comes with the lease.
Do you understand that this pandemic doesn't have an expiration date???
That, my friend, is the definition of 'Indefinitely'.
The guy has been trying to sell his lease for years. He was earning income until the pandemic started, and he was gaining 20+ Islander games next year.
I think he's trying to get Nassau county to let him out of his lease, or let him finally develop all the land that comes with the lease. - Puckin_Island
.............if it's going to open when the pandemic is over then it wouldn't be "shuttered indefinitely"
If you actually read the article you'd see that he's trying to dump the Coliseum and the $100M in debt that it's saddled with. So that "income" you claim he's earning doesn't come close to enough to cover his operating costs and eat away at the massive pile of debt.
There's 15 journalists reporting on this as a "shocking" development yet you seem to be the only one that thinks this isn't news.
Location: Do not disturb: I love awkward silence Joined: 08.28.2019
Jun 16 @ 4:42 PM ET
Thanks for proving my point.
If you actually read the article you'd see that he's trying to dump the Coliseum and the $100M in debt that it's saddled with. So that "income" you claim he's earning doesn't come close to enough to cover his operating costs and eat away at the massive pile of debt.
There's 15 journalists reporting on this as a "shocking" development yet you seem to be the only one that thinks this isn't news. - eichiefs9
If you read the article, you'll see he's actually trying to dump the LEASE. Nassau county owns the property.
And you're proving my point. While he had income, he simply tried to sell the lease without threatening to shut the place, because if he does, he'll have to pay lease out of his own pocket. Threatening to 'shutter' the place at the very time it CAN'T generate income seems like a negotiating ploy to me.
L and M will scoop it up at 5 cents on the dollar and bring the Sound Tigers there or just have the Isles play there next year and then Malkin can build one of his shopping malls there.
Let’s go phuck the Barclays group!
L and M will scoop it up at 5 cents on the dollar and bring the Sound Tigers there or just have the Isles play there next year and then Ledecky can build one of his shopping malls there.
Let’s go phuck the Barclays group! - nyisles7
I'm not sure I can emphasize this enough but S.T.F.U
Location: Do not disturb: I love awkward silence Joined: 08.28.2019
Jun 16 @ 8:13 PM ET
L and M will scoop it up at 5 cents on the dollar and bring the Sound Tigers there or just have the Isles play there next year and then Ledecky can build one of his shopping malls there.
Let’s go phuck the Barclays group! - nyisles7
Someone will, as soon as NC drops the $4.4 minimum.
The articles seem to assume the Islanders can just hop back to Barclays. I doubt they can get 41+ games there because Barclays doesn't want them. The Ruskie could be baiting Ledecky to jump in. Islanders aren't scheduled to play a home game until late December/ early January. There's plenty of time to sort this out.
Someone will, as soon as NC drops the $4.4 minimum.
The articles seem to assume the Islanders can just hop back to Barclays. I doubt they can get 41+ games there because Barclays doesn't want them. The Ruskie could be baiting Ledecky to jump in. Islanders aren't scheduled to play a home game until late December/ early January. There's plenty of time to sort this out. - Puckin_Island
That property is right up Malkin’s alley. He will be all over it. Does he get it? All depends on the price.
Location: Do not disturb: I love awkward silence Joined: 08.28.2019
Jun 17 @ 9:56 AM ET
That property is right up Malkin’s alley. He will be all over it. Does he get it? All depends on the price. - nyisles7
I thought he would jump on it back when NC was seeking a new lessee, but the Barclays group ended up with it. Now L&M have a big sports/shopping/hotel complex going up just 7 miles away. With the shut down, everyone is over extended and scaling down to gain operating cash.
One way this could get messy is if Brooklyn Sports & Entertainment fudged the books and some of that $100 million in debt originated with Barclays, which Brooklyn Sports & Entertainment sold.
I still can't understand how they lost 2k in capacity during the renovations.
