Maybe we can send out a chain letter to the "Bored Billionaires of America Club" to see if any of them want to buy the team, keep it here, revamp the arena (for the casual fans, not me), buy out SMG and start making money (and a lot of fans happy!). Great plan, let's get to work... :yea:

http://www.newsday.com/columnists/mark-her...-best-1.1470456

BD has an interview posted with the same theme:
http://hockeyindependent.com/blog/?p=1424

Danny, when I talked to Chris Dey about this, he said that if they invested 400 million(as the county told them they didnt have the resources to help and the cost would be all on Wang) in rebuilding the coliseum the county and town would never give them oks to expand further once the county got a new arena and that Wang could never recoup that amount of investment with just the coliseum. That's why he said they had to come up with a bigger plan that would make the investment viable.

Do I believe that? To an extent, but to the extent of a 4 billion dollar city, no.

I see. Whether or not it's true it certainly is a fine argument for Wang and Co. However, it also seems to me like it would have been great ammunition to use against the ToH, NC, et. al. to say "hey, either you help with this and/or give me some guarantees on future development opportunities and not just getchaselves a free Coliseum upgrade or I will be forced to move the team." Then all of a sudden it's the ToH/NC that looks like they will not compromise. As of this moment, I can't help but feel like the pressure's on Wang to make a move since the pols are doing well (at least IMO) in making themselves look like they're doing the right thing for taxpayers.

Danny, I think that's exactly where we are at right now. :yes:

The reality is if Charles Wang got absolutely everything he wanted rubber stamped tomorrow with shovels in the ground next week and commitments given by companies and individuals to pay in advance to rent every foot of retail and housing (which would be a far bigger miracle than TOH approval) he would not be in the black between his hockey losses (he has hundreds of millions yet to lose on player salary here and in prospects) plus real estate losses (as he pays back LH financing) he will not see a penny in actual profit until he's about a hundred a thirty years old and that's if absolutely everything breaks in his favor.

The only thing Nassau and TOH are good for saying is they cannot pay for anything while every other sports team got full revenue from all events and tax exemptions they will not even do that for Wang-Rechler. Msg got a permanent 18m bailout or it would have closed in 1982 with low cost electricity. Newark gave the Devils all event revenue and put in 100+ million for construction.

Milstein for all his issues offered to pay for a new Coliseum too, Nassau and TOH will not give anyone who buys this team anything (no Smg buyout/no renovation) but want their share of revenue streams and taxes plus control of the facility.

I absoultely believe every word Mr Dey told you and think Wang is in an impossible situation. I also have no doubt if Wang paid the 400 million Nassau and TOH would sit on their hands as Smg demanded the right to still play landlord, take all event revenue plus eleven percent of Isles gate, forty percent of all advertising and all concessions and parking.

Charles Wang has a worthless proclamation from Tom Suozzi to show for a decade of going broke and nothing but hallow words after Tom Gulotta, D'Amato got their hooks in the Coliseum and with Smg and eliminated the six year review of the Smg lease.

I don't believe that for a second. There is no way any businessman would propose something so grand if his best projections still show a loss. No way, no how.

I'm just curious how can you not believe anything else?

Wang's in his mid sixties, he lost over 200m on the Isles and has hundreds millions more to lose on player salaries and Tavares, Okposo and Bailey are going to want their 50 million or they go when UFA hits to say nothing of other UFA.

It's going to take a decade to complete the LH and he's going to have to pay out his share of the 3.7 billion with Rechler which is always more than what's estimated and take decades to pay back with banks all over them for interest on these loans or construction bonds.

Between all that debt, all that expense and of course countless spaces that will not be rented or bought for years after the project is completed if everything he wanted is built when do you think he is cashing his first profit check (including all his losses to date on the Islanders/Marrott paid back) at a renovated Coliseum and this project open in full?

Can you honestly say that will ever happen in his lifetime?

For me, unless they found oil in that parking lot the answer is never. Wang wants to leave something for future generations, it would take a miracle if he or Rechler make enough back when they do sell in the future or their relatives sell it for them.

Why do you think TOH wants third party control of that 99 year lease, when it's done and some money finally comes in about fifty years after everyone is gone the TOH will take control.

They will be the only ones making a profit by then.

I'm not gonna speculate on what's going on in Wang's heart of hearts, but everything you just mentioned could be construed as a fine motive for Wang to plan on selling off the whole kit and kaboodle like the ToH is insinuating (if not outright saying) Wang and Rechler will have the very capability to do [without some written guarantees mapped out].

I'm curious who in their right mind would want that property as it current stands with the Coliseum an eyesore plus Wang-Rechler's Marrott in the way much less later on when Wang-Rechler's LH is being constructed or out of money?

People were not exactly breaking down the door in 2005 when open bids for developers were taken by Nassau County and it was a clean slate. Suozzi even demanded a baseball stadium as part of the package.

Wang and Rechler will be selling someday and it may be sooner than later, it's a 99 year lease and neither one of them are going to live that long so the point is completely moot and not a question of if, but when. It will be sold countless times including sooner if Wang-Rechler run out of funding and cannot endure heavy losses during construction when no money coming in unless their children/relatives/investors wish to continue to pay for it and endure losses.

What bank in their right mind in this economy is going give Charles Wang a loan for his share of 3.7 billion in his sixties with the debt and expenses he has owning this hockey team?

Wang-Rechler right now own the Marroitt hotel, any development that comes here whether it be the LH or something else has to get past that plus be able to afford to replace or renovate the Coliseum.

Kate Murray said it herself, development is coming to that property. It's too valuable in this economy for any other alternative to let a concrete parking lot sit empty and claim it's suburbia any longer and Nassau/TOH cannot pay to keep the Coliseum open.

Wang guaranteed the Coliseum lease would be extended to 2025 in 2005, TOH had
four years to say that is not enough. He also guaranteed to do the Coliseum first and it's in writing on the EIS.

The idea is that it gets built and it helps keep the Islanders going for another ten years with a binding lease and brings revenue to that area. He sells the Islanders the new lease stands for the next owner, he cannot afford the LH someone else funds and completes it.

The slogan is right, just build it, whoever builds it is not what matters.

I always find it incredible a single person can think there is any hope Charles Wang in his natural life will ever see one penny of profit to show for the last ten years.