Islanders Reach Tentative Deal To Stay In Nassau County Until 2045

New Arena Referendum Still Must Pass Aug. 1 Public Vote, NIFA Approval

UNIONDALE, N.Y. (CBSNewYork) — Islanders fans will be relieved to hear that a tentative deal has been reached to keep the team in Nassau County. On Thursday, the county executive released details of the new arena proposal that will be put to a public vote on Aug. 1.

Next comes the big question: what is the cost to taxpayers?

The lease agreement would keep the Islanders in Nassau through 2045 and would guarantee $14 million per year in payments to the county — no matter where the Islanders play or how much they earn.

WCBS 880’s Sophia Hall In Uniondale

Islanders owner Charles Wang told CBS 2’s John Slattery the current Coliseum, built in 1972 and for decades a venue for concerts, wrestling, boxing and the home of the Islanders, who won four Stanley Cup championships in the early ’80s, is obsolete and that a new arena would, “attract first-rate family events, family shows and sporting events.”

County Executive Ed Mangano said a new arena would generate $1.2 billion in revenue. It would cost $350 million to build — $433 million in debt service — and would provide $403 million in profit over the term of the lease.

“When the debt service is paid off, residents will continue to receive millions of revenue. It’s similar to paying off your mortgage, renting your home, and keeping all the income,” Mangano told WCBS 880’s Sophia Hall.

“The project itself pays for itself and there will be a net profit to the taxpayers,” Mangano said.

And those behind the plan said the county would get more than 11.5 percent of everything sold in the building.

“You sell a pretzel for a dollar, 11 and a half percent goes to Nassau County,” Mangano said.

But one county legislator said she wants an independent firm to crunch the numbers.

“Okay, we have to say stop for a minute. We have to have somebody analyze it and see if this is for real,” Democrat Judy Jacobs said.

However, Wang said the time for analyzing the site has long since passed. It’s time to get something done.

“The economy is not going to fix itself. We have to make decisions on opportunities that can be a catalyst for improving our businesses,” Wang said.

It is believed the new arena, if passed, would also put people back to work to the tune of 3,000 permanent and 1,500 new construction jobs. Mangano has also said there would be no increase to property taxes.

Of course, all of this is predicated on the public referendum and the Nassau Interim Finance Authority approving the plan.

Please offer your thoughts in the comments section below.

More from Sophia Hall
  • danny

    Congratulations to all of the Islander fans out there!!! You get to keep your team, disappointment and depression every April, for another 33 years!!!

  • KPMc


    Come to Brooklyn lest you spend another 45 years playing in front of another mostly empty mausoleum.

  • karlson

    Are 4th graders writing these news blurbs? I think that even a 4th grade student is taught to never begin a sentence with “it”. It does not refer to anybody or anything. And then a hyphen in the middle of the sentence! What kind of sentence structure is this? How the reader supposed to be able to understand who “it” is?

    “It would guarantee $14 million per year in payments to the county – no matter how much the Islanders earn.”

    The above sentence should be written in a simpler and definitive style so that it starts with “the islanders”. Then the reader knows who “IT” is.

    A rewrite or better way of writing this would be to say The Islanders would guarantee….. NOT “IT”! And then there is no need for a hyphen to complete a statement which was completely out of order to begin with.

    There are different ways of doing this but if one is writing for the reader, it would be simple to write “the Islanders would guarantee $14 million per year in payments to the county”. That is a simple sentence easily understood. The idea that the team might not be making a profit is another thought and might best be expressed in a separate sentence.


    What a joke… we are going to keep the Islanders and spend what? But the bus system for millions of commuters will not be there by the end of the year. WHAT A JOKE…. MANGANO…

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