New Arena, Same Problem for One NHL Team

While developers and officials pitch an Isles rink, new facility in New Jersey has not lifted that franchise's financial health.

Earlier this week, a group of developers and business leaders unveiled a $346 million plan to rebuild the Nassau Coliseum and develop the 77 acres surrounding it.

The latest pitch came less than two months after county voters widely rejected a proposal to use $400 million in taxpayer money to back a new arena, which the team said it needs to remain viable in the area.

Meanwhile in not-so-distant New Jersey, a new building has not helped their National Hockey League team make ends meet.

According to a New York Post report, the team's co-owners has paid to unload his share of the team.  

From the Post:

The strange deal highlights both the shaky financial condition of the Newark-based team and the caustic relationship between the two owners.

As the deal is structured, Chambers, who has been looking to exit the mostly money-losing franchise for about a year, appears to feel the equity in the NHL team is worthless.

The Devils are about $180 million in debt.

Thomas Burg September 25, 2011 at 11:45 PM
There are probably 8 markets in the NHL likely to make money. Devils and Islanders aren't one of them.
Frank Reilly September 26, 2011 at 12:13 PM
Keep the Islanders on Long Island!!!!!!!! There is a good fan base ther,. they just need a good building and good team and they will come.
Business Man September 26, 2011 at 07:35 PM
A new arena, with a FAIR lease, would easily make the difference The Isles have one of the best TV deals in the league, because of a good negotiation and because they are in NY market. The lease is up soon also. With a fair arena deal, in line with every other team, That, with a better facility would make the team more attracive to top free agents & suppliment their young talent, which is being ranked very high.This would make the team more competitive. From what I hear, they currently get zero or close to that, dollars from parking & food concessions? This goes to SMG to manage the facility, to which they do a poor job. Tough for them to get the revenue stream to compete.


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »