When you hear an asking price figure like 300 MILLION DOLLARS it’s hard not to picture Charles Wang cackling stroking a cat at the far end of a gigantic table, laughing amongst his consortium of evil cohorts at the ransom he’s placed on the New York Islanders. That figure is at a cursory glance ludicrous. The Islanders stink and haven’t ‘made money’ in years according to the figures he releases whenever he needs to be painted in a sympathetic light. It’s such a ridiculous figure, surely there must be something more to it.
Let’s take a detailed look at what 300 Million gets you and why it’s not a bad buy. This is the whole enchilada:
The New York Islanders – The once proud owners of 4 Stanley Cups, recent on ice trials and front office turmoil have hit the Islanders brand. One could argue it’s been ten years since they iced a competitive team. However, they do have two of the games best young offensive weapons in John Tavares and Michael Grabner locked up long term. Tavares, a legitimate superstar is highly marketable, especially given his heritage and the market they are moving to.
The TV Contract – The most lucrative in the sport, signed in the glory days, assured the New York Islanders were never leaving the NY Metro area. 20 million, guaranteed every year, until 2031. Why yes, that alone would guarantee a 100 percent return on your investment.
The Lease – The Islanders, in no uncertain terms, have gotten bent over by Nassau County for the last 25 years. Unfortunately for the county of No, the cash cow is moving to greener pastures. In Kings County, If the Islanders have HALF the success of the Nets, they will instantly be one of the top dozen or so profitable franchises. The Islanders begin a 25 year stay in the brand new Barclays Center in 2015 (or sooner).
The LI Marriott – One of Long Islands few legit 4 star or better hotels, this overlooks the parking lot that is Nassau Coliseum. It is however conveniently located for whatever is playing at the coliseum or any of the three colleges in the immediate area. It’s going to only see more traffic with the installation of the Ferraro Brothers facility, which will draw Junior and Mite teams from all over the country.
The Sound Tigers – Bridgeport has a nice little hockey team in one of the better AHL barns. It’s a better place to catch a game than the coliseum with less chance of asbestosis. They also, contrary to published reports, have a long term lease for Webster Arena in Harbor Yard. It’s a boon to a pro club to have your farm team less than 90 minutes away.
Ice Works – This facility in Syosset need a lot of TLC, but it could easily be a money maker if properly refurbished.
All of these things make 300 million far more palatable.