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Post by mikecubs on Dec 1, 2014 22:22:52 GMT -6
Barclays Center sale buzz buildsBillionaire media mogul Phil Anschutz has held early stage talks to buy Brooklyn’s Barclays Center, The Post has learned. Anschutz Entertainment Group, which owns or operates arenas around the world, last month held talks with Forest City Enterprises, which owns 55 percent of the two-year-old arena, sources said. The No. 2 concert promoter in the country behind Live Nation is expected to make a decision on whether to proceed with talks — or walk away — before Dec. 31, sources said. A wide gulf currently separates the two sides. AEG is said to be willing to spend up to $500 million on the 19,000-seat concert and sports arena, or slightly more than 12 times Barclays’ roughly $40 million in expected 2014 operating profits, sources said. However, Forest City, which last month forecast that profit number would soar 63 percent to $65 million in 2016, is said to be seeking a lot more than $500 million. In the third quarter, Barclays sold more tickets than any other US arena, said one source with direct knowledge of the situation. AEG could also be looking to attract more acts to Brooklyn, insiders said. Still, “AEG will not overspend,” the source said. “If Forest City Enterprises is rational a deal could happen.” Live Nation is expected to at least kick the tires of a possible Barclays Center sale. Anschutz, since deciding in March 2012 not to sell AEG, now has arenas in London, Paris and LA, and is building a 20,000-seat arena in Las Vegas. AEG currently gives Barclays Center operational support but does not run the arena and has no ownership stake. If Forest City were to sell its 55 percent stake in the building, it would allow the publicly traded company to more easily convert to a tax-advantageous REIT, a move that could lift its share price. To do so, Forest City needs to generate revenue from real estate activities, like rent, and not from ticket sales. AEG, meanwhile, is likely the only suitor interested in buying the entire stake, one source said. Russian billionaire Mikhail Prokhorov, who owns the Brooklyn Nets, who play their home games at the arena, holds the balance. He may sell most, if not all, of his stake, a source said. If AEG ends up buying Barclays, it could mean Barclays CEO Brett Yormark and Forest City’s Bruce Ratner, who now run the arena, are left on the sidelines, one source said. Ratner has publicly expressed his desire to retain a stake and control in the arena. However, Forest City spokesman Jeff Linton said the company is running the sale process and all options, including a full sale, were on the table. AEG believes Yormark is paying too much to keep the arena booked, sources said. It was Yormark who guaranteed $50 million a year to the New York Islanders once they move to Barclays next season.
“AEG sees the Islanders deal as too risky,” the source said.
After roughly five years, Barclays can get out of the Islanders contract, sources said.AEG declined to comment. nypost.com/2014/12/01/barclays-center-sale-buzz-builds/
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Post by mikecubs on Dec 1, 2014 22:28:55 GMT -6
They can always redo the deal with the Islanders for less money. In case anyone is wondering Nassau Coliseum is being renovated by Bruce Ratner for 229M dollars. However seating capacity is being cut to 13,000. You still also have the problem of the Coliseum still wouldn't have as many amenities as a new arena even post renovation. Thinking about it I have a feeling Brooklyn isn't going to work and the move is temporary. The Islanders fan base is OBCESSED with the obstructed view seats at Barclays not realizing that if they sold the non obstructed view seats they'd still be fine. I think the Islanders will play in Brooklyn for 5 years it will suck crowd wise, they are forced to move back to Nassau and they suck there again too due to the suburban location/old arena. I know the Islanders have that TV deal and that great history but I really wonder if the Islanders should be kept in New York.
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Post by Bruinsfan on Dec 2, 2014 17:46:05 GMT -6
I dont read much into this for the following reasons
1- its the post
2- its the post
3- AEG owns the kings, are they going to evict an NHL team? NO, No no no.
4- If anything they redo the deal ORRRR
5- AEG agrees (since they are buying the building on the cheap) to buy out the contract which will go towards further renovations to the nassau colliseum. Ratner should just drop the renovation, hes at 229, demand a buyout for the islanders of 100million, thats 329, then push for a new arena in long island or give a better renovation to the coliseum
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Post by mikecubs on Dec 2, 2014 18:07:45 GMT -6
Totally agree with number 1+2. Hard to believe the new owners would spend 500M for the team if they can be kicked out in 5 years. Unless Bettman promised them they can sell to Quebec. 3. AEG is a business. The Kings make money. If the Islander fans are psyched out by the horseshoe and not enough show up they would go with concerts like Atlanta did. 4. This is the most likely. Maybe they compromise and the Islanders take less 5. Won't work. The Coliseum can't be brought up to standards. If you add luxury boxes you lose even more seats. New arena won't work. No one will fund it. Team can't afford it themselves because they are no where close to elite. You also have the problem of if the go back to Nassau that suburban stadiums/arenas don't work for other than football. Keep in mind last year the Islanders took in 22M in gate. In Nassau they are basically the Coyotes 2.0 with a nice history. They article didn't mention anything about a buyout. I think Barclays has the opportunity to outright kick them out or redo the deal if it isn't working. Here is more from the Barclays people on why the Coliseum can't be brought up to standards. I just don’t think you could have refurbished it in a way where it could truly accommodate a professional hockey team for 44 nights. There’s very little suite revenue coming out of that building. They don’t really have suites. I just think there’s a slew of reasons why it wouldn’t work. I just don’t think you could generate the revenue out of that building. islanderspointblank.com/arena-news/yormark-minimal-changes-to-barclays-setup-why-coliseum-wouldnt-work/
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Post by mikecubs on Dec 2, 2014 18:24:25 GMT -6
There's also another problem. With the renovation they list the Coliseum as being at 13,000 capacity. But in the articles I seen they also listed the current capacity as 18,000. Which it is for concerts. Hockey is 16,170. So the capacity post renovation for hockey may be 11,000 not 13,000.
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Post by Bruinsfan on Dec 2, 2014 18:56:36 GMT -6
I just dont think AEG being an NHL owner will go after another NHL brand if anything it just means we are saving you but you have to rip up this deal. I think Barclays will need an arena convert renovation. something that can allow seat angles to change essentially to improve sitelines. I think that will be the deal.
We take less per year if you find better methods to improve sitelines adding some sort of seat turning mechanism would be good it could be done)
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Post by wolfmannick on Dec 2, 2014 20:08:01 GMT -6
? Sure they would its all about making money at the end of the day. I donèt think they would screw them over completely but they wont lose money to save the Islanders. I doubt there is anything in p,lace for Quebec. No way they would give up on a team with the history of the Islanders because its free marketing. If they fought as hard as they did to save the Coyotes you think theyd send the Islanders packing without a fight, no way.
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Post by Bruinsfan on Dec 2, 2014 21:16:36 GMT -6
Thing is the league made a huge mistake with 3 teams in NY area. its just a simple fact. The islanders wont move..and AEG will work out a deal because lets face it Bettman and the other governors will step in since they already have a relationship with AEG.
and lets all remember..its the post
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Post by mikecubs on Dec 2, 2014 23:44:46 GMT -6
I just dont think AEG being an NHL owner will go after another NHL brand if anything it just means we are saving you but you have to rip up this deal. I think Barclays will need an arena convert renovation. something that can allow seat angles to change essentially to improve sitelines. I think that will be the deal. We take less per year if you find better methods to improve sitelines adding some sort of seat turning mechanism would be good it could be done) Definitely NOT going to happen. Only way to improve the site lines is to tear down the entire seating bowl on that side of the area and tear down the outside wall and move the new seating bowl/outside wall back. AEG or whoever else owns the team will NOT do that. It would be cost prohibitive. Not only construction cost wise but the amount of time the arena would be down/lost events. Barclays Center is the busiest arena in the world. The problem is NOT the bad seats. It's Islander fans constant wining/excuse making. If they fill the good seats there won't be a problem. I think a good amount of Islander fans might be dumb enough to think if I don't show up to the Barclays Center the team will come back to Nassau to play in a 11,000-13,000 seat crappily renovated dump. Islander fans are stuck in the 80's and there may not be enough fans unless a decent amount of Brooklyn people convert from Rangers to Islanders.
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Post by mikecubs on Dec 2, 2014 23:48:11 GMT -6
? Sure they would its all about making money at the end of the day. I donèt think they would screw them over completely but they wont lose money to save the Islanders. I doubt there is anything in p,lace for Quebec. No way they would give up on a team with the history of the Islanders because its free marketing. If they fought as hard as they did to save the Coyotes you think theyd send the Islanders packing without a fight, no way. They'd fight hard because of the TV deal and I think the Islanders were Bettmans childhood team if I'm not mistaken but the one reason I don't rule out a move 100% is because there is no modern arena that needs "saving" like in Glendale. If the Islanders go to Quebec Barclays still has the main tenant the Nets.
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Post by mikecubs on Dec 3, 2014 0:02:16 GMT -6
Thing is the league made a huge mistake with 3 teams in NY area. its just a simple fact. The islanders wont move..and AEG will work out a deal because lets face it Bettman and the other governors will step in since they already have a relationship with AEG. and lets all remember..its the post Last part is something we definitely keep in mind. The post is the post. For all we know Barclays may have the right to cut the amount(not kick them out) they pay out with the stipulation the Islanders can look for a new home else where after X years. For example maybe the deal says Barclays only has to pay out 30M after 5 years but the team can seek a new home if Barclays does that. We don't know. The deal was very secretive. Best bet is the agree to a pay cut with incentives for attendance/revenue performance. I do have a hard time thinking the new owners would have paid what they did if they had the risk of being 100% kicked out like the Thrashers. But if the Barclays move is a total bust and they fail to sell to good seats anything could happen. You still have to ask do the Islanders have enough fans and if not can they convert a decent amount of Brooklyn people? I think the big key will be converting Brooklyn people because a good chunk of Nassau is going to wine and not show up. Plus some of the people who were going to show up may not figuring why both supporting a team with uncertainty still hanging over their heads. As far as if 3 teams is too many for even New York this is something I've always wondered. Nassau Coliseum did suck and was in the middle of no where but the Islanders attendance history is frightening!!!! Year-team average-league average-rank 1989-90 12,710 15,798 20 of 21 1990-91 10,462 15,351 20 of 21 1991-92 10,039 15,273 22 of 22 1992-93 12,036 14,918 20 of 24 1993-94 12,191 15,622 24 of 26 1995 12,574 15,867 24 of 26 1995-96 11,356 15,967 25 of 26 1996-97 12,495 16,546 25 of 26 1997-98 12,254 16,205 25 of 26 1998-99 11,299 16,273 26 of 27 1999-00 9,748 16,372 28 of 28 2000-01 11,332 16,568 30 of 30 2001-02 14,549 16,759 27 of 30 2002-03 14,931 16,591 22 of 30 2003-04 13,693 16,521 26 of 30 2005-06 12,609 16,961 30 of 30 2006-07 12,886 16,961 28 of 30 2007-08 13,640 17,264 30 of 30 2008-09 13,773 17,464 30 of 30 2009-10 12,736 17,067 29 of 30 2010-11 11,060 17,126 30 of 30 2011-12 13,191 17,443 29 of 30 2013 13,307 17,721 30 of 30 2013-14 13,858 17,366 29 of 30 These don't count games like winter classics etc...
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Post by mikecubs on Dec 4, 2014 21:10:18 GMT -6
Now it's being reported the post is wrong and it's both the Islanders and Barclays who would have to opt out. If this is true it would make more sense given what the new owners are paying for the team. Hard to believe anyone would be stupid enough to walk away from $50M. Islanders Can Opt Out of Barclay's Center Lease(this is wrong see update at bottom) What was once seen as an iron clad lease may not be so iron clad after all. Via a source familiar with the Barclay's Center lease, IslesBlog has learned that the New York Islanders may be able to opt of their lease at the Barclay's Center three years after the majority ownership of the team changes. They would then be free to renegotiate a new deal with Barclay's Center, or pursue other arena options. This seems to have a connection to the story that New York Post writer Josh Kosman wrote today, which stated that the agreement could be renegotiated in five years or so if the ownership of the Barclay's Center were to change hands. The major difference, according to our source, would be that the Islanders would be the party that would be able to opt out of the deal, not the Barclay's Center. The timelines from both sides seem to match up, as Kosman reported that five years would likely be the timeframe in which the opt out could take place. Our source stated that the opt out could happen three years after a new majority owner comes into power. New owners Jon Ledecky and Scott Malkin are scheduled to become the majority owners in two years, meaning that five years from now, they'd be free to opt out of the lease. If the Islanders did opt out of a contract, a renovated Nassau Coliseum would not have a regular tenant. This could change if a team were to move to the Coliseum. We were able to speak with Josh Kosman, who said that the lease is "anything but iron clad." He also stated that if an opt out were to take place, it's possible that the two sides could renegotiate another deal to stay in Brooklyn. It does seem unlikely that the Islanders would want to leave $50 million per year on the table, which is what they'd make just for being in the Barclay's Center. The NHL and the Barclay's Center both refused to comment, and the Islanders have been unreachable for comment at this point. We will keep you updated if they do decide to make any sort of comment regarding these developments. Bruce Ratner and the Islanders have both stated that part of the relocation plan would include 6 games per season at a renovated Nassau Coliseum. Currently, it is unknown what the new ownership group of the Islanders would be interested in doing with the lease. Editor's Note: Since publication, we have reason to believe the opt out clause would have to be a mutual agreement. As both the Barclay's Center and the Islanders would both have to agree on the opt out. This has yet to be confirmed, but if there are any developments to the story, IslesBlog will keep you updated. nyislesblog.com/articles/islanders-can-opt-out-of-barclay-s-center-lease
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Post by mikecubs on Apr 25, 2015 12:56:15 GMT -6
Developer Bruce Ratner submits plans for Nassau Coliseum overhaul to Hempstead officialsBrooklyn developer Bruce Ratner Tuesday submitted formal plans for redeveloping Nassau Coliseum and the surrounding land that include a downsized arena, restaurants and retail, with construction planned to begin in August. The submission, filed with the Town of Hempstead, also includes a broad conceptual master plan for possible future development that goes far beyond what Ratner's lease with Nassau County currently allows. That broader plan calls for more than 3.4 million square feet of development across 91 acres. Ratner, executive chairman of Forest City Ratner Cos., and County Executive Edward Mangano submitted the master plan and an environmental analysis to the Town of Hempstead, which has to conduct an environmental review and approve the plans. Town Supervisor Kate Murray said that could take at least a month. At a news conference in Hempstead, Ratner said the timetable will be unaffected by his ongoing battles with Syosset developer Ed Blumenfeld, who was brought on to handle retail development at the site. Ratner and Blumenfeld have filed dueling lawsuits and Blumenfeld is seeking an injunction to stop Ratner from moving ahead with the project without him. Blumenfeld and Ratner each allege that the other is trying to usurp control of the project. "We will hold the Ratner group fully liable and accountable to the full extent of the law," said Blumenfeld attorney Ron Rosenberg. Ratner's submission to the town notes that the renovated Coliseum will be reduced to 13,000 seats from its current capacity of more than 16,000. But the plan says Ratner in the future might request the town "consider an expansion of seating at the Coliseum back to existing capacity."The arena's current anchor tenant, the New York Islanders, is moving to Ratner's Barclays Center in Brooklyn after the team's Nassau lease expires in July. In his State of the County address last month, Mangano said the Islanders' new practice facility and corporate offices could "cement the Islanders in Nassau and provide hope that we will witness their full-time return" to the Coliseum. Mangano said Tuesday that the plan "provides the opportunity for a professional ice hockey team" to play at the Coliseum. Ratner would not answer a question about the team's possible return to Nassau.The portion of the plan that would be built immediately involves 17 acres and will include a renovated 416,000-square-foot Coliseum and eight new buildings, comprising 188,000 square feet. It will house a movie theater, four restaurants and additional entertainment options. Ratner declined to confirm any tenants, but Mangano said in a statement that Island Garden Basketball, an indoor basketball facility based in West Hempstead, would be located on the property. "It is the first step toward turning that concrete jungle into a thriving economic destination with sports and entertainment for people of all ages," Mangano said. The long-term master plan also includes two new hotels, a convention center, retail, and medical and research space, along with seven parking structures. Ratner said he wanted to start with the Coliseum and initial surrounding development to make sure the project is done well. "We've got time and we've got acreage," he said. "Let's do it right and plan it out right." Mangano has said Memorial Sloan Kettering Cancer Center will spend $140 million to build an outpatient treatment and research facility on the site. Sloan Kettering's facility would be separate from Ratner's development. Hempstead officials applauded what Town Councilman Anthony Santino called a "transformative" project. "We are taking a critical step here for a project that's . . . going to kickstart our economy and help shape the future of our township for generations to come," Santino said. Ratner's submission came 20 months after Mangano selected a Ratner subsidiary, Nassau Events Center LLC, to redevelop the Coliseum property. The town approved a zone for up to 5.4 million square feet of construction on the Coliseum property in 2011. That zone's creation came in the wake of Hempstead's rejection of the Lighthouse Project, a far more dense, $3.8 billion proposal by Islanders owner Charles Wang in 2004. Murray said the zone will expedite the town's approval process on the Ratner project. "It has been a long journey," she said Tuesday. www.newsday.com/business/ratner-submits-nassau-coliseum-master-plan-to-hempstead-town-1.10263845
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Post by mikecubs on Apr 25, 2015 13:02:22 GMT -6
It's NOT the right move and it will be a disaster but in 6 years the Islanders WILL end up back at a crappily renovated Nassau Coliseum. They will either get kicked out of Barclays Center or the new owners will stupidly move them willingly. They won't get corporate support in Nassau(as usual) when they return and attendance will be crappy. But the Islanders did draw well this year for them since it was the last year and I bet the new owners will think hey we can do this all the time and let's throw out the last 20 years of evidence Nassau can't draw. NHL is a joke. Would any other sports league consider returning to a suburban crappily renovated facility? LOL
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Post by Bruinsfan on Apr 25, 2015 13:24:05 GMT -6
It's NOT the right move and it will be a disaster but in 6 years the Islanders WILL end up back at a crappily renovated Nassau Coliseum. They will either get kicked out of Barclays Center or the new owners will stupidly move them willingly. They won't get corporate support in Nassau(as usual) when they return and attendance will be crappy. But the Islanders did draw well this year for them since it was the last year and I bet the new owners will think hey we can do this all the time and let's throw out the last 20 years of evidence Nassau can't draw. NHL is a joke. Would any other sports league consider returning to a suburban crappily renovated facility? LOL I believe I predicted this and you said it wouldnt happen. IMO they will be nomads for a while, brooklyn, back to suffolk county with the hope of eventually building a new arena in nassau or if queens wants a new events center
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