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December 25, 2009
New deal would give Islanders control of Coliseum
Newsday
Well, just two days after the Master Closing, here's one lie that we can likely put to rest — the Islanders are on the verge of locking in a new lease in Uniondale, so they will not be helping the Barclays Center arena meet its overblown revenue projections, something that was hinted at in the arena bond offering.
A new deal to give the New York Islanders control of the Nassau Coliseum could help end a long-standing roadblock to renovating the arena and building the Lighthouse Project.
The Islanders and SMG, the Coliseum's manager, have agreed to a sublease that would hand control of the arena and its revenue to the team. Outgoing County Executive Thomas Suozzi approved it this week.
In a letter, dated Monday, to incoming County Executive-elect Edward Mangano, Legislative Presiding Office Diane Yatauro and incoming Presiding Officer Peter Schmitt, Suozzi said he planned to approve the sublease "before the Christmas holiday."
Posted by eric at December 25, 2009 9:11 AM