WITH EACH DELAY, IT’S WANG WHO PAYS: To the fortune spent on the NYI, add the Lighthouse bill
On the morning after the Phoenix Coyotes file for bankruptcy, we present yet another unabashed attempt at a reality check for anyone concerned about the New York Islanders.
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Frederick P. Clark Associates gives money to Hempstead Town Supervisor Kate Murray’s election campaign. The Town of Hempstead – in Nassau County – chooses the Westchester County planning company as its consultants on the Lighthouse Project. While their work is far from completed, to this date F. P. Clark Associates has rung up bills to the tune of $300,000.
And who is paying Clark’s invoices? Charles Wang and the Lighthouse Development Corporation.
This is the way it works in these development deals. Wang’s group puts money in an escrow account. The Town gets to hire its own consultants, even those who contribute money to the Town Supervisor’s campaign. The developers pay for the consultants out of the escrow. Each time the Town’s consultants declare more work has to be done – without a second opinion, without any accountability – Wang pays.
Of course in this economy, it behooves Frederick P. Clark Associates to take their time.
When the Islanders’ owner has his cranky moments and unloads to Newsday and Boomer and Carton about having regrets, perhaps it is all this Lighthouse check-writing that has brought him to his knees.
Point Blank has learned that Wang has spent more than $16 million this decade on the development of the Coliseum property, a plan Tom Suozzi and the County insisted on. Nine years after Wang purchased the Islanders, he has no promise of a ground-breaking any time soon.
As reported on Sunday by Jim Baumbach of Newsday, Wang has spent about $300 million keeping the Islanders afloat. This number does not include the millions of dollars spent on architects, economists, parking and environmental experts, Lighthouse staff and Frederick P. Clark Associates – the Westchester-based, cash-contributing consultants to the Town of Hempstead.
When Wang says he’s had it and he wants an answer by October 1, this could be at the top of the list of his reasons why.
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As for the situation in Phoenix, the question has been asked repeatedly: what does this mean for the Islanders? My take: very little. The Islanders are not for sale. The Islanders are not declaring bankruptcy. The Islanders do not have any plans to move in the near future. Unlike the Coyotes, the Islanders do not have a new arena. Jim Balsillie has not made an offer to buy the Islanders and move them to Southern Ontario.
Above all else, I see nothing in Wang’s commitment to keeping the Islanders on Long Island the last 9 years that tells me he will file for bankruptcy in an attempt to leave Nassau County or sell the team to someone who will move the team.
Yes, the Islanders have the Original Lease From Hell. Yes, they need to see their arena development deal finalized. Yes, the Islanders have their challenges. But what’s going on in Phoenix does not have much to do with what’s going on in New York.
Until Wang gets his answer on the Lighthouse Project, he honors his obligation to just spend, spend, spend.
As always, I want to know your take. Comment Guidelines.
156 Responses to WITH EACH DELAY, IT’S WANG WHO PAYS: To the fortune spent on the NYI, add the Lighthouse bill
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KevinT123 says:
If we left it would break my heart
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the1gwiz says:
If things went down as reported, and Balsillie basically took Coyote’s managing partner Jerry Moyes by the hand and said “here’s how I get my team, you get out of your lease, and you get paid: Chapter 11,” Balsillie may have just ruined any shot he’ll ever have at owning an NHL franchise. Bettman and the power brokers amongst NHL ownership will not suffer this lightly.
It does remind us, though, that while the focus is on the Lighthouse for now, it may not be long before Wang starts fielding calls from guys like Balsillie and ownership groups in KC, Vegas, etc.
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Michael B. says:
Same here… I think CB is trying to make us feel better about it, but the Lighthouse isn’t getting done, Wang is losing patience and money… It’s just really upsetting.
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Strummer's Army says:
At this point, I almost want Wang to move the team only to stick it to all the snakes in TOH. The Isles leaving would serve them right and all the consequences they’d suffer. Only sad part is so many fans and the local economy would as well. If the Isles leave and there isn’t a guy like Wang who continues to fix up a crappy arena that isn’t even his just to make it a better experience not only for hockey fans but for anyone who attends an event at the arena there will never be another concert or anything else there.
CB, why doesn’t Souzzi just condem SMG’s lease? It has been discussed before and could at least offer Wang some help in the interim.
This is the only city government in the country who has a private citizen wanting to flip most of the bill out of his pocket for a major project that would benefit all and they are instead prefering to turn the sckrews to him. In a normal city/town/county/state they line up wine and dine, kiss the feet of someone like Wang to PLEASE do a project like he wants in their town. Not TOH, they got some wierdness going on.
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VALENTINO says:
Why must people insist on biting the hand that feeds them?
CB is doing an incredible job keeping you INFORMED.
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avolp55turgeonfichaud says:
As an MBA student and a die-hard Islanders fan it breaks my heart to see that Charles Wang has sacrificed SO MUCH financially to keep this team on Long Island. The drive, the heart, the willpower must be extraordinary. I wish there was some way I could extend my gratitude. CB- is there some way I can thank Charles other than my undying support?
I don’t care what influence he’s had on our hockey operations, for 1/2 a million dollars per week he can do as he pleases, as long as I get to keep going to Islander games with my little brothers.
Another broken hearted Islander fan, wishing there was some way my voice could be heard. Wang deserves to be thanked for this. A truly sad story…
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Noomz says:
Kate Murray, Boston College ’84 (English)
Tom Suozzi, Boston College ’84(accting)
Scott Gordon, Boston College ’86 (mkting)
Bill Guerin, Boston College ’92BC has a good hockey tradition in Beantown. How could Kate Murray be so oblivious to the entertainment and financial value of maintaining & promoting a strong NHL franchise in her own backyard?
because she’s an english major turned lawyer turned crony Town Supervisor who doesn’t recognize value?
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Christian Capolano says:
Enough with the Lighthouse garbage. This blog site has truly become unreadable by completely turning into a shill site for the Islanders franchise and the rest of the political nonsense going on. Are we really supposed to take your Lighthouse content seriously, considering you’re a former longtime employee of the team and get a free advertisement for your site front and center on the team’s website all year long?
That Lighthouse is never getting built. At best, the Coliseum would get its makeover, which I’d be fine with. Give it a rest already with the Lighthouse.
I’ve been a die-hard Islanders fan since the 70s who finds it more and more difficult to follow this team each and every year. The attention with this organization is never on the team itself. Not since 2001-02 has this been an entertaining team. Before that, it wasn’t entertaining since the early 90s back when we had Turgeon, Thomas, Hogue, Healy, etc.
If the talk’s not about ownership, it’s about the Lighthouse. If not the Lighthouse, it’s the draft. Keep in mind that in the past 10 years, anyone half decent we have drafted ends up getting traded. Wait, we still have our savior in DiPietro. How’s that 15-year contract working out? What a joke.
Personally I’m for the team moving to Queens and putting an end to the never ending bickering between Wang and his army of shills (including this site) vs. the Nassau politicians that made it unaffordable for me to stay on Long Island. From what I’ve read, Queens is a no brainer. Queens has a place for them to play, Arthur Ashe would get its roof at the Tennis Center for those rainy Aug and September US Open days, they’d be close to the new Citifield and that whole Flushing Meadows area would get more cleaned up and be a year-round place to be for pro sports with the Mets, Isles and the US Open Tennis.
Enough with the Lighthouse. PLEASE!!!
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a company from Westchester? I thought we were supposed to shop locally? No available companies on L.I.? hmmmmmmmm. You would think in these hard times that there would be a local company out there that would get the job, ya know, help out the LOCAL businesses,the ones who are your neighbors….am I wrong?
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Yashin for President says:
#8 I agree
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True, I would support an NVMC renovation, without the LH. That’s what’s most important.
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jeff says:
The NVMC is a dump. Nassau County is one of the wealthiest counties in the country and the county should be embarrassed to buy the state of the facility.
Charles Wang deserves credit for saving the Islanders. Without the team would have surely moved by now.
But, Mr. Wang is not the first owner to buy the team with the hope of developing the area. Was he promised a deal to do s o when he bought the team? If so, I’m sure he would be saying so.
I am fully in favor of the project, which would bring needed jobs to the county. But while all this goes on, the county needs to do something to renovate the NVMC and to get the Islanders a fair deal on the lease. The Isles need to share in ALL of the revenues at the NVMC.
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hmmmm..... says:
If you dont like it then dont read it…I for one, am happy that people care enough to write about the lighthouse as id like to be informed about the situation…keep up the good work Chris! and please, havent people run the numbers like thousands of times and proven that Wang couldnt make money by just renovating the collisseum? its completely unfair to ask him to continue to absorb such massive losses yearly…i mean would any of you sign up for what hes been through with the isles?
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Seriously, 8, 10, 11 – it’s all connected, and the Lighthouse is essential to the team. It doesn’t change because you say so or don’t want to hear it anymore. CB and others are keeping you informed of the real issues, because it doesn’t matter which player the Islanders draft if that player makes a career in Kansas Freaking City. Stop with the whining, stop with the nonsense about just an arena…It. Is. Not. Happening. The Lighthouse is the best hope.
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BillyIsle says:
For those of us who know the facts please lets not badger those who don’t. If they don’t know them by now; they never will. I do not think the LH is a flawless idea, but I do think its a step in the right direction for what is needed in this area. I would be perfectly happy with an arena, one highrise, convention center, ballpark, and a # of residential units. I wonder if that could get it done, who knows I’m no expert.
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I’d also add that to me the ballpark adds no real traffic to the area since it would mainly be about 6,000 fans seats in the summer (doesnt compare to hockey games which are at least 10,000 in the winter). The residential units? Well if the isles leave (I’d say the coliseum would be demo’d ) they will be built there anyway (probably senior housing). CB do you know of any links to the alternative plans that were presented to the County aside from Wang’s? This land will be developed with or without the NYI. Thats going to stink.
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Eric says:
The Lighthouse will be Built! As Strahan said “Believe it and will happen!”
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No, it won’t… The sooner we realize that the better. We should either renovate NVMC or explore other options.
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Who is the “we” in “we should renovate NVMC or explore other options”? Is there a mysterious cabal out there who know of some way that renovating the Coliseum will be profitable for anyone with designs on owning the Islanders, especially under the current lease for another 6 years?
People out there have to understand: a renovated Coliseum does nothing for the team losing dump trucks of money every year. If a renovated Coliseum is all you’re getting, the Islanders are gone.
At this point, yes, it really is that cut and dry. -
tom says:
#8 and #10.. assuming you are not one in the same… don’t read the story. don’t read any lighthouse story. live in a vacuum. how tough is that? is chris holding a loaded hockey stick to your head? the next 5 stories here are not lighthouse. read them. enjoy.
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TM says:
So? It’s part of the process. So now CB is applauding Wang for paying consulting bills to eventually try to get his real estate billions. It’s come to that? This blog gets weaker with each defending/praising of Wang. October and June (draft) can’t get here soon enough if we keep getting shill fluff like this.
The title should say, To the fortune spent trying to get the LH, add paying NYI’s bill as they’re just the means to the real estate end.Wang only becomes a hero to me if NYI ends up in Queens or if they ever start winning again on LI not because he’s writing consulting fee checks for a land grab.
For those that think Wang is some sort of savior for pumping $$$ into a losing team and keeping them on the Island, he’s just keeping his eye on the prize, the lighthouse. He’s spent 300 million on the team, that just makes the cost of the lighthouse 1.7 billion instead of 1.4.
Funny how the Phoenix situation that just failed already had a similar concept of the Lighthouse in place in the surrounding Phoenix arena area. Westgate? Perhaps an omen?
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Queens is not really a viable option. check the facts, read the other websites. It has far more environmental concerns than the Lighthouse.
Phoenix is indeed different, just as their demographic somewhat different than long island.
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Many many many huge differences between Westgate and the Lighthouse:
-$180 million of the 230 spent to build the arena was paid for by the city of Glendale
-The City of Glendale controls the 30-year lease on the building
-Coyotes owner Jerry Moyes’ partner Steve Ellman has majority control of the non-Coyotes portion of Westgate. Moyes has (well, HAD) majority stake in the team; Wang is no fool, and knows where the money is to be made from the Lighthouse.
-The Islanders have an established local fan base on LI. For perspective, imagine if the Isles had played in Manhattan for 8 years, established a fan and season ticket holder base, then moved to Uniondale, forcing established fans to commute during rush hour (w/o the benefit of the LIRR) to get to weekday games. This is exactly what the Coyotes move to Glendale entailed. I went to school in AZ, I know that commute. It’s a nightmare.That’s my 3rd, so I’m done. Sorry for the long post, CB, I just wanted to give some perspective to those seeing a Westgate=Lighthouse, Moyes=Wang pattern.
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JayK says:
For those backing the renovation of the Lighthouse, please list here, in the last 20 years, the stand-alone arenas — building, surrounded by asphalt, no tie to mass transit — that have been built.
Now list the ones that fit that category that have been torn down or been vacated. Let me give you a head start on that one: Capital Centre; Richfield Coliseum; Charlotte Coliseum; LA Forum (vacated); Houston Summit (now a mega-church); Met Center in Minneapolis. Note a pattern? Outside of the Summit, which sat on a highway even though it was in the legal boundaries of Houston, every arena of the type you are advocating is gone or abandoned, and their replaclements are downtown. You are advocating a solution that absolutely nobody builds anymore, which is evident in the proper answer to my first question, which is: maybe two, both of them almost 20 years ago. But even the Pond in Anaheim is near the whole Disneyland entertainment complex, and the Palace at Auburn Hills was built more than 20 years ago. That’s all I can think of.
You want something that does not exist. Please come up with an actual solution that works.
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19 Isle in NJ 22 says:
Phoenix has been in trouble for a very very long time … they also have no history to fall back on … Think about it … if the Isles didn’t have such a deep rich history … how many fans would the Isles actually have? We are proud of the Islanders Heritage … so that pride in our team’s dynasty buoys us though the hard times. What did Phoenix have? Wayne Gretzky … as a coach?
I think that their is to many conflicts of interest at play with the TOH and Frederick P. Clark Ass’s contributions to Murray’s campaign. I’m just hoping that Wang / Rechler can hang in there long enough … because even if the TOH says OK in October … there is a very long renovation and construction process that is going to bleed much more money over the next 5 years or so before Wang starts seeing a trickle of return on his investment.
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NYI FAN says:
I wonder if SMG was bought out at the time of the CW sale, would there even be the losses that he claims now. 22 million would have made SMG go away then, that was about 9 years ago? With all of the parking, concession $$ & whatever SMG’s take was, would there even be a LH discussion now? Just wondering. Ultimately, a compromise will be worked out & the LH will be built.
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Swan says:
#8 (Christian), to any intelligent reader of this blog, it is obvious C.B. is not a shill for the Organization nor is this website controlled by the Islanders. Many examples. Pay attention, or read another blog.
C.B. and most other posters are cheerleaders for the Team and for the Lighthouse simply because they are true fans and want what’s best for the Organization. It is illogical to think that Botta’s comments on the Lighthouse (or Taveres, or the Ice Girls, or Sparky) are anything except his true, honest feelings.
It has taken nearly a decade to get us (the Lighthouse) to the point where it is now. Queens is a process that will take at least as long, once it gets started. Even if it was a possibility, it is a clear 2nd option. From a business and monetary perspective, it would be easiest for the Islanders to build around the existing facility.
It is why the Yankees stayed in the Bronx instead of going to Manhattan or NJ. It is why Mets Citi Field was built on the parking lot across from the Shea. Let me know if you need more examples.
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Nick Isles From Brooklyn says:
Im a hockey fan – i love the isles – I want to hear about their players and rumors (being its the offseason) and i can imagine reading about it to get annoying but honestly – CB is doing a great job! He is laying it all out and not hiding any facts. I want him to keep posting about it – because I want to know the facts about it – good or bad! It is the off season for us- Unless he blogs about the playoffs – there is not much going on in Islander country but THIS – and lets face it – Outside of the DRAFT – What is going to dominate the Uniondale headlines this summer. We are now 4-5 months away from being put up for sale!!! And it looks like a REAL possibility! CB – Keep up the lighthouse stuff because without it – this blog will be based out of Kansas City!
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doc says:
How is this a “LAND GRAB”??? Nassau County wanted… demanded that a plans be sumbmitted for the development of that land.
Nassau County… I think… still “OWNS” the land.
Wang won the development rights…. NO?
And CB is not “APPLAUDING” Wang for paying the consulting fees. He’s simply pointing out that it is out of his pockets that the consulting fees are paid… thus drawing the conclusion that it is in the “BEST INTEREST” of the consulting firm to DELAY the approval.
DOC
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Christian #8- Bravo to you! It is so refreshing in this PC world we live in to have someone who fearlessly tells the truth and correctly calls people out. This website is an obvious front for Wang and any attempt to appear at all independent fails miserably. Wang is a fraud but he is absolutely right about one thing- we all regret he bought the Islanders, not just him.
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Rick says:
I’m sorry, but I do not feel bad for Charles Wang at all. If he bought the team under the assumption that he’d have a new arena & be able to develop the land around it within a few years after purchasing the team, well, that’s his issue. How or why he would think that would be the case is beyond me, all he needs to do is check out the Wantagh Parkway going to Jones Beach – they have been doing construction there for over 10 years! NOTHING in Nassau County goes quickly or smoothly – never has, never will. Enough of the whole ‘woe is Charles’ angle Chris.
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Sorry, make that over 15 years – that construction started while I was still in HS, and I graduated in ’95.
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Nicky Nice says:
Wang needs to sue everyone who got him to buy the isles with the agreement that he develop the surrounding land. Obviously they are not delivering.
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Hale says:
to post 8…what do you want him to talk about then???
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The Real Vukota says:
You guys don’t like the site then take a facking hike. Nobody is forcing you to log on each day. Get a life. It’s comical when I read posts about just redoing the NVMC. That tells me right off the bat you have no clue on what’s going on.
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streit02 says:
if they are only allowing wang to refurbish the colliseum. why cant he knock it down, only build a new coliseum. Then give the rest of the project more time and just continue to build around the new building. i understnad thats not his plan, but a new building and a new building only should still do wonders for the franchise. I also understand it has more to do with what wang wants to invest in rather than what is good for the franchise.
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Mike from Philly says:
23 – Queens has already submitted and completed their environmental review. People need to get their facts straight, and the Islanders would NOT be playing in Arthur Ashe Stadium but will be in a new arena across the street from Citi Field at Willets Point. Sounds a like a no freking brainer to me!
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Lost Kangaroo says:
For those who complain about this blog and call it fluff comming from behind the scenes of Wangs office, how do we know you arent on here posting from the TOH??
conspiracy theories asside, like some of the others have said, if you dont like it dont read it. -
Well, Rick, #29, and all the others ripping into Wang for wanting to make money here: you may be right. The Lighthouse may be dead.
But then let’s all just concede that we live in an area doomed to lag behind those parts of the country embracing the future, getting the cutting-edge jobs because they aren’t afraid to make changes where needed.
We’ll just hang back because, you know, we wouldn’t want to put any undue pressure on the area to make some shifts as societal patterns of housing and density change. Hell, no, we won’t go!
By making the Lighthouse happen, we could have performed the act that wakes this region out of its slumber. But you’re right; it increasingly looks like it’s not going to happen.
So we’ll stumble along, proud of our determination to not get snookered by people who want to invest millions of dollars here. God…we can’t have that!!
And then as our tax base erodes, and companies go to places that actually embrace entrepreneurs and developers with vision, and we all have to get off Long Island just to see our kids and grandkids, we’ll be able to happily point to the fact that oh, no, not us….we still want it to be just like it was in 1969! And damn proud of it!
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Show me where Queens has submitted and completed an environmental review.
Is there a link?
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Thanks JayK… for a dose of reality.
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UIF says:
The Isles must have been profitable at some point before the SMG lease and when they were selling out every game. I don’t know how they deal with the lease…heck, maybe just level the Coliseum and build a new one 10 feet over or something, who knows. But without that lease, and with a building that can better take advantage of luxury suites, and with a good team on the ice that would surely lead to sellouts, and with that amazing cable deal they have that never gets mentioned, I still think a new building without the residential/office space/baseball field would be fine for this team and this area. Maybe a few shops and restaurants in addition. Yes, I know, I’m an idiot for saying that or whatever, but the comments section is for opinions, and that’s mine. I understand Nassau and Wang wanted the whole thing. But obviously some important people in the process didn’t get that memo and were kept out of the loop, because here we are. I just don’t see any heros here…plenty of politics and people who want it all or nothing, though. I’m sure a ton of money has been spent by interests on both sides of this issue.
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Big Dog says:
Christian Capolano
hey i think you missed a dose on your meds. go check the label you bitter little man.
anyways back to reality after that nutcase.
i think this team will not be staying in Nassau. I have a feeling its Queens bound. I dont mind being from sunnyside qns..would give me a chance to be a season ticket holder and not worry bout transportation.
Keep the faith!!!
BTW CB regardless of some of these clowns negative opinions on your columns i happen to enjoy everything you write and check your site daily if not a few times daily
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UIF — why would anybody put “a few shops” on the site if there is basically no other reason to be there? The shopping that is planned for the LH is going in there because of the assumption that there will be constant foot traffic from residents and people who work in the offices. If there are neither, nobody is going to put any retail there. So please take that out of your equation.
Ditto the restaurants. Nobody is going to drive to the Coliseum parking lot to go to a restaurant when there’s absolutely nothing else there.
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RichM says:
Jim Kelley, Hall of Fame hockey writer, was on Buffalo’s WGR this morning. He said that there is a 0% chance that Phoenix has a team next year. He also believes that if the Lighthouse project dies, Kansas City will be the Islanders destination.
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JayK (40): Great comment… except that, back in 1969, Long Island was the developmental home of cutting-edge space science that was the pride of the entire world. 1969 was actually better than it is now on LI… at least then LI was growing.
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And Mike (31): Please speak for yourself- not the rest of us. You are mistaken about what “we all” think.
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Mark In Ottawa says:
If the Isles do leave – nobody can say Charles Wang didn’t care.
Overall, not a bad owner.
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I don’t know, JayK, it’s Long Island we’re talking about here…not the middle of the Utah Badlands. If there are good restaurants, people will go eat there. If there are a few strip malls with good stores, people will shop there.
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I frequent this blog because its the only place I can get Islanders news and information. I love it. I hit it numerous times a day. Thanks CB. I too am tiring of this lighthouse crap. Queens or bust F@ck the TOH.
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cgs878 says:
Heh, some businessman… Wang is losing a lot on an investment that he should have researched thoroughly before jumping into. How many millions does he have anyway? How many years will it take to recoup the losses once the Lighthouse is built? I hope he plans on living ’til he’s 100.
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Here is more info in the EDC bringing the Isles to Queens.
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if you all you do is rip on this site go somewhere else!!
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Sorry for all the links here C.B but here is a great link for an update on the Willets Point redevelopment.
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Mike from Bohemia says:
Anyone who bashes Wang cannot be a true Islander fan unless they are completely ignorant of the facts. If not for him, they’d be gone by now.
Some of you guys actually criticize him for wanting to make money (let alone not lose money). Are you for real? Every owner in every sport is in it to make money.
It seems to me that alot of “so called” Islander fans think they have some devine right to a hockey team irregardless of the owners solvency. That’s living in a dream world. You should start up a team in Disneyland!hmmmmmm no, wait, the Ducks already did that…..sorry
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RRL says:
Clearly writing letters and attending Lighthouse informational meetings are not working. We need to do something more. Someone organize a demonstration or something.
The Nassau Puck Party!
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this whole thing boils down to two things:
1. Some guy (wang) invests his own money to the coliseum, which in turn brings thousands of jobs to nassau county, all while expanding the tax revenue, thus creating a possibility to limit property tax increases for current residents. There is ZERO risk for current residents.
2. Nassau County residents are forced to use their tax dollars to pay for the plywood to board the doors on the coliseum once the lighthouse is rejected. because it’s nassau county, it takes 15 years to put on the plywood, slightly shorter than the timeit takes for nassau county to build the wantagh parkway bridge. -
Well, Mike from Bohemia, luckily for us you’re not the deciding factor on who gets to be a fan of the team. I don’t think anyone is saying “Wang shouldn’t make a profit.” Maybe not all of us agree that the entire Lighthouse project is essential for the team to turn a profit. I don’t really buy into the argument that baseball fields and towers are critically essential to the future of the hockey team. Good for Nassau? Sure, I’ll agree there, but that’s a whole other argument, and one that maybe shouldn’t be tethered to the Islanders while the team and fans are used as pawns to get the whole thing approved. I really do hope my view is 100% wrong, and that this all really is about the team. Maybe I’m overly-cynical.
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John R. says:
Why is it that when someone opposes Wang and the counties redevelopment deal they never have the facts straight and rely on opinions based on uneducated guesses. This isn’t a matter of anyone being a “shill” and why can’t they see that the facts are the only thing being presented to them. Therefore you are allowed to make up your own mind. But instead they choose to ignore the facts and go straight to “it’s all a conspiracy and it’s all Wangs fault”! I’ve had it and will no longer waste my time trying to explain simple business and simple facts to simpletons. But will someone who opposes CBs blog please give us a real example of why he’s a shill. Read this article again and point out where he’s working for the team. You will see, if you read closely, that he is simply presenting the facts. Oh and by the way, anyone who opposes Wang and the counties redevelopment deal is a SHILL FOR THE TOH! See how that works both ways?
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Charles Wang is smack in the middle of a lose:lose situation. If there is no lighthouse development it becomes lose:loe even more. This poor rich guy is hemoraging cash, hand over fist and nobody seems to care. The only way CW gets to be made whole is to profit from the development of the surrounding area as SMG continues to rape him through 2015. At that point maybe a new lease would add a bit of profitability to the ownership of this beloved hockey team. How could anybody be against this development, its exactly the breath of fresh air Nassau County needs and deserves. How much money can one man be expected to lose before the tables get turned in his favor. If not for CW, the islanders would have been gone for nine years now, and they’de be a distant memory by now. This is not rocket science, its basis economics, third grade arithmatic. What part do you people not get? The lighthouse development must get done to keep the team, it just dosent make economic sense without the development.
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kevin fitz says:
I said this once before but Wang either needs to either find a way to buy the Colesium from the County or find another place to build an Arena on LI. I know the County is very sensitive about the name of the Colesium. So that could be part of the deal when they sell, that Wang has to keep the name the Nassau Veterans Memorial Colesium for a certain amount of time. I do not live on LI so I do not know if there are any other area’s that they could build, but something needs to be done. If he were to own the arena then all the extra development would not be necessary. All revenues would be his. And not only revenues from the Islanders. All revenues from all the concerts, circuses, trade shows etc. that go on in arena’s. This is something I hope he looks into. Or if he decides to sell one day, to sell to someone who would consider this.
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Isles316 says:
#43, the Isles were profitable when payroll wasn’t over $40 million dollars.
I’m 100% for the Lighthouse. I will say that what bothers me most about the TOH is not that the process is slow, but that they don’t come out and say what they need from Wang and Rechler and don’t give any indication to Isles fans that they want this done. There is a way for every party to be happy here but no one is budging.
For those of you that are sick about reading about the Lighthouse I get it because I am too, but you have to realize that this is the future of our team 50 times more than Kyle Okposo is so you better get on board and support it and support CB.
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I would love to see any of the readers of this blog shell out 1% of the money CW has lost, for the right to own anything, what are you people thinking. Is there a brain amongst you, collectively. Its enough already, NO LIGHTHOUSE = NO TEAM, do you mooks get it now?
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And further more, after witnessing Kate Murrays shady way of dealing with this whole thing (I wonder if she’s found a new plan to use taxpayer money to oppose a project that she is self admittedly supposed to be “neutral” on because of a “conflict of interest”) I wouldn’t be suprised if she has told family members and employees to come to this site and oppose Wang and the development deal. There’s a conspiracy for you that actually makes sense! Would anyone put it past her to do something like that? Why else would “fans” knowing very well that a development deal will be the only thing that keeps their team on Long Island be opposed to it? I smell another Kate Murray stinker on this one!
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Scottay says:
Well, since all this money that Wang is losing came from the wheeling and dealings from Computer Assoc (CA)and the jailing of Kumar who was Wangs right hand man I don’t feel bad for Wang.
There is a saying of easy come easy go! Wang buried alot of share holders in his greed of CA and Kumar took the fall. Hopefully when Kumar gets out the Feds will focus on Wang and reveal the real person. -
For anyone familiar with land development, the entrepeneurial profit margin on a project of this magnitude ranges from 10% to 15%. On a project of $3,700,000,000.00 that equates to between $370,000,000.00 and $555,000,000.00. That money is split between CW and the Reckson Group. Meaning even if the lighthouse gets developed to its fullest potential, CW will make, profit wise, $185,000,000.00 to $277,500,000.00. Either way, CW does not get made whole. Do you guys get it yet.
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Did anybody read the article in todays newsday about the housing proposal for mitchell field? I forget the company that owns the property but they want to put up some housing, which is right near the Lighthouse property. Kate Murray’s sister is a lawyer for the company that wants to build the housing and another guy from the TOH has some kind of connection to the company as well, I forget how he is connected but it’s such corrupt BS it’s comical.
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Marc N. says:
I just called the Nassau County Democratic Party and they have confirmed that there will be a candidate running against Kate Murray this fall. We should know the candidate May 28th. This should dispel the rumor that she will be running un-opposed.
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mt275 says:
Willet Point development review is much further along than the Lighthouse. http://www.qgazette.com/news/2009/0415/features/006.html. The local politicians also have the will go through with this, unlike Hempstead. Whether this is a real option for Wang is another story. The Willet Point development will include housing, and retails. It is scheduled to send out a RFP to potential developers this fall.
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Here is the Reality Islander Fans.
There is such things as Bad Karma and what comes around goes around.
The reason for Wangs misfortune is from Wangs Fortune,people are paying the price for Wangs Fortune now it is time for Wang to Pay. -
pablo says:
I Totally Agree with Scottay, Bad Karma is real and what comes around goes around.
Finally somebody who see’s through the Lighthouse and Wang. -
Hey Eric #69 you are starting to see it, and time will tell. People like Wang will get their Day, you will see.
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#71 That makes no sense at all. You should take the time to edit your entries before you post them.
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What makes no sense at all?
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Hey # 74 read it slow and you might understand what he is saying.
People are in jail from Wangs doings in CA (paying the price) Wang made the Money from CA (Wangs fortune)Now he’s giving it back through the Islanders. Easy come Easy go, maybe now it makes sense. -
bob l says:
hey scottay…there is such things as bad grammar…lol
seriously though, karma? really? that’s the reason he’s losing money as owner? it’s not the FACT that the management/leasing company makes 100% of all parking and concession sales at the NVMC?
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#75. I’m doing this from work. Give me a break. Someone was asking what stage the Queens development is at. All I provided is information related to the development site.
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and pablo, by your definition, if i was managing a baseball team, and my players were caught taking roids, i have to pay karma’s price for that down the road at some point?
is there any proof that Wang was at fault, pushing illegal activities for profit? — again, i don’t know, and can’t defend or blast him for that until i do
if karma was as real as you say it is, the human race should have been wiped out by a meteor by now
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Hey Bob, i did not put Kumar in Jail and i also did not run a company to the ground (CA). Shareholders were hurt in the process.
The only one who walked away untouched was Wang the CEO.
I cant convict him however Time can and Karma will as well, if you have that sense of belief. You can use all the analogies you want, however what Scottay is saying did happen and Wang did make his money from CA and Kumar his ex partner is in jail. So read between the lines. Maybe your mind can not expand enough to understand Karma, but it is happining before your eyes. -
JayK, I’m not ripping Wang for wanting to make money – I want him to make more money then he knows what to do with and spends most of it on this team. I’m just saying the whole ‘woe is Charles Wang’ angle is pretty hard to swallow after awhile.
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Dank516 says:
CB…..Why can’t Wang and the TOH work on an agreement to renew the lease so wang can start making money and so the Isles can get a new building just by renovating the coliseum. DO WE REALLY NEED THE “LIGHTHOUSE”? Why? Why can’t they just agree on a compromise? Why do we have to lose our Hockey Team over this political garbage?
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#83. Because Wang has lost so many millions that he could never recoup even close to what he has spent by just renovating the coliseum.
At best, the Isles would be a break even project by just renovating the coliseum so it makes no sense.
Teams that have stand alone buildings usually have owners that own the land or the concessions or both so they actually can make a profit.
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Wang gets little sympathy from me as well. He buried this team with stupid moves and by keeping Milbury around. No playoff series wins in 15 years will depress a fan base and lower tv ratings and radio ratings as well.
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pablo, please stop with the insults, i made a valid point, and you call me small minded…
for the record, i believe that karma is a personal philosophy, not a mass philosophy, i personally believe in it myself…oh, and also, Time will convict us ALL…eventuallyon the other hand, if he’s in the wrong,
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Wang is not Bernie Madoff. CA is a real company with products that still deploy on some of the largest corporations in the world. Programmers in the company make good money, and are probably your neighbors, and attend Islanders games. So, I’m really not sure where all this animosity comes from.
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Tbox says:
#9 Christian-
We’re all fans here, supposedly, no need to tell us, and next time leave out everything about the team we already know: Dp’s contract, bad trades, previous teams.You wrote: “If the talk’s not about ownership, it’s about the Lighthouse. If not the Lighthouse, it’s the draft.”
CB was providing context to the Newsday
and the Coyotes stories. He wasn’t shilling. -
rb says:
Karma? who’s Karma? he was a defenseman originally drafted by the Wings, right?
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Paul in Canada says:
Ya, who cares if Charles Wang continues to lose money? After all, its not your money. He’s a bottomless pit and will happily continue to sink money into the New York Islanders – Lighthouse or not. Probably see the payroll increase to the point that the team is verging on topping out the cap come October, he is that care free these days. But, underneath it all, he IS only interested in grabbing up and exploiting valuable greenspace such as is the current Coliseum area. He should not be allowed to develope it, its fine the way it is or, maybe, some kind of tropical fruit can be grown there once he’s out of the picture. Too bad he got his hands on the team in the first place. Oh for the days of Millstein and honest ownership with integrity. Does Wang think going to see junior hockey players like Tavares and Duchene play will fool us into thinking he cares about anything other than real estate? And, oh ya, I haven’t seen this addressed before but…why can’t he just fix up the old place?
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Charles Wang’s activities at CA were investigated by a bevy of US attorneys. At a certain point, you just have to assume the guy is cleared.
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BTW, if Karma’s bad, I don’t want him on my blueline
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mapisles2025 says:
CB – is there any realistic chance of the lighthouse being built?
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Tom says:
#9 Christian – I agree with a couple of your points…however, it IS the ONLY story to be covered. It’s the MOST important. THE lone story that SHOULD be covered, IMHO The Draft is nothing more than an excerise in mental masturbation IF John Tavares will not be an Islander in 5 years. The draft doesn’t matter. Who the Isles sign in the offseason doesn’t matter. Nothing matters if Charles B. Wang moves the team. Which it seems he is, that’s a virtual done deal. The only question remaining is where? In the NY market or out.
Also, as a Real Developer Charles B. Wang needs to be a bit more educated on the process. This is a behemoth project. I wonder where this project would be if it wasn’t sitting on Suozzi’s desk for 5 years? Poor preparation on Charles B. Wang’s part does NOT signify an emergency on the ToH’s part. Perhaps, Charles B. Wang’s personal friendship w/the Suozzi Family clouded his ability to put pressure on the County to move faster when The Project was in their hands for so long? Now he may be overcompensating by harrassing the ToH with an extra vigor? We’ll never know.
BUT this blog IMHO needs to be on top of the story.
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If anyone is so convinced Charles Wang has broken the law, Id advise you to go to the police. But even if you do that, you will be informed there that in this country you are not guilty by association nor are you guilty until proven innocent.
It is very frustrating to read libelous statements about the owner of the Islanders organization literally every single day posted by people who do not have the sources to verify any of it.
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El Exigente says:
This just in to our ‘Put a Democrat in charge’ newsroom…. Roger Corbin, the longtime Nassau County Democratic legislator, surrendered Wednesday morning to federal agents on charges of evading income taxes on $226,000 he secretly received from a developer working on a federal contract in New Cassel – and then lying to federal agents about the situation, according to court papers.
Just remember people, in paraphasing Walter Mondale, “Democrats don’t pay taxes, other people do!”
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Millsie says:
While no one likes to lose money, the fact is that very few professional sports teams actually make money.
In 2005, the mighty Yankees lost approximately $50 million – yes, THE YANKEES.
Wang clearly knew that the team (like so many other teams) was a money pit going in, and was counting on his ownership of the team to be his key to developing the site.
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As far as I am concerned the only thing Wang did wrong was let Milbury destroy this team for a decade. He did save the Islanders in a losing effort. I am grateful to him. Sprucing up the coliseum isnt going to recupe all the loses he has endured. Although he is partly to blame with the Milbury fiasco for that. The place is a dump period. What finacial upside could be obtained for him if he moves the team to Queens?
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#93 look up the word “sarcasm” and then read my post again. Maybe you really are Mick Vukota.
#92 it would seem you’ve got some valid points about the delays before the TOH got their hands on the paperwork but I don’t get why they do things like the mailouts and website that was taken down. They have been more than an unbiased entity diligent to the process. They have made like they think its not a good idea and don’t support it.
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WOW #95 I did not know that. So many billionaires losing money! Thank God I’m not billionaire. Who’d want live in poverty?
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Kate Murray must go…she has ended her chance at re-election as far as I’m concerned
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Mick, good idea, next time I suggest growing tropical fruit on a hypothetically vacated Coliseum site as an alternative to Wangs Lighthouse, I’ll use a smiley face so you’ll know I’m not really serious.
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i have an honest question i would like to ask all the LH naysayers…if the LH was not approved, how do you, as a long island resident, benefit from the project being scrapped? How does your quality of life improve with the coliseum remaining in its current condition?
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The Lighthouse will be Built! As Strahan said “Believe it and will happen!”
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MSA says:
Call me stupid, but is it not the case that the SMG lease is the main problem? I an pro Lighthouse, and I am a 30 yr. fan that wants the team to stay….
Here is what I don’t understand. If the team would lose money on a full season sellout no matter what, because the SMG lease cripples the cash flow, as in lost revenue from concessions and parking (I think the parking money goes to the county to offset their yearly losses) Why not have the county condemn the lease as asked by another poster, OR, if Wang filed for re-organization, he could renegotiate the lease. I know Chris has stated “Why would SMG walk away?” I agree, they won’t walk away, but they would be crazy to not renegotiate if they were going to lose all revenue. Trump has used bankruptcy with his Casino’s many times, and that was to renegotiate with bond holders that paid to build his casinos. They put up money, and took pennies on the dollar…they had no choice. SMG got a sweetheart deal due to Nassau politics, but the have crippled the team long enough. Remember they wouldn’t pay for a shot clock???
We need to get SMG out. Then the team would be profitable, while a fair development deal is hashed out, without the KC gun to our heads!!!
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MSA, Wang will never do that. He couldn’t make his money back and it would cripple any chances of developing that land or arena.
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@113 – If he got SMG out, he would still always have the leverage to move the team if they didn’t let him develop, but he would stop the bleeding now…
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Chad says:
Lest you all think that only Nassau republicans are corrupt, this is from Newsday today: Roger Corbin, the longtime Nassau County Democratic legislator, surrendered Wednesday morning to federal agents on charges of evading income taxes on $226,000 he secretly received from a developer working on a federal contract in New Cassel – and then lying to federal agents about the situation, according to court papers.
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Corbin, who represents Westbury, New Cassel and parts of East Garden City, East Meadow, Hicksville, Hempstead, Lakeview, Old Westbury, Uniondale and West Hempstead, is scheduled to be arraigned later Wednesday in U.S. District Court in Central Islip.
The charges against Corbin, who has at times had a contentious political history and past personal financial problems, are the first public signs of a four-year investigation into possible political corruption on Long Island by the FBI and the Criminal Investigation Division of the IRS, according to sources familiar with the investigation.
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lol @ chad’s partisan hackery. don’t you know they’re ALL crooks? the entire machine must be dismantled, fighting over which side is better is ridiculous considering they both suck and don’t really care about anything the actual citizens do
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This is my 4th post, so I am out after this… Let us hope that Wang learned his lesson when he dodged the bullet with Sanjay.
If he did not play ball with guys like Corbin, and the historically corrupt NC politicians (of BOTH parties), and comes up clean through a federal corruption investigation of political corruption with developers in NC, it would do wonders for the Light House. If he was involved….oh no!
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Joe says:
Well nobody can ever say that Charles Wang didn’t try. How many people would allow themselves to lose that much money. I know I wouldn’t. He’s made every effort to keep them here in Nassau. I would love to see them stay in Uniondale but if they do move to Queens I would still be a fan and I would go to the games. They would still be on the island and that’s the main thing. The TOH has made it very clear they are going to prevent this project from going forward and now Charles needs to look to an alternate place to go. I still give him a lot of credit and thank him for all he has done to keep them here in Uniondale.
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MSA (121) exactly my point, if Wang is somehow involved – and given the chicanery with CA ANYTHING is possible – his cred goes out the window and the thing is done…10000% agree.
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Bob (89) Pablo did not insult you, he makes a vaild point. Stop getting all defiant and calm down.
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Mikey says:
I support the lighthouse 100%, and I feel that our best hope now is to have the Democratic party run a viable challenger in November for Murray’s seat. I will campaign and contribute vigorously to any well-organized campaign for ToH Supervisor. However, I can’t feel sorry for Wang until I receive an answer to this question: Why didn’t Wang try to buy out SMG when he originally bought the team? I know Gutkowski wanted to do that, but corrupt Al D’Amato (lawyer for SMG at the time) blocked it. I think Wang made a quid pro quo with Al. In exchange for Charles keeping SMG, Al would twist some arms to get the land developed. Can CB or anyone confirm this? It sucks that Charles is loosing money, but why would he trust a crook like Al D’Amato? That’s just poor judgment on his part.
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WOW there are plenty of tools in here..
lets see.. Im sure Kumar loves wang to the point of jail? are you that ignorant..tell me who goes to jail for soemone else….lemme guess you will come up with some secret 100 million package charlie has for him when he gets out..
or the fact he bought the team to make money.. duh isnt that why you go into business? NOT TO LOSE MONEY.
CB is in wangs back pocket???…cmon if you beleive that i implore you dont come to this website because you obviously dont read many of CB articles
you guys act like total politicians in here..screaming this and screaming that acting like a bunch of hammerheads.
relax have a drink ya dopes its hockey and regardless of your like or dislike for the isles take a chill.
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Mike #55, read that link again. There are considerable problems going on with Willets Point project including the negotiations with current land owners which has been sidelined until next year and it says they are now going to work it as a multi-phase build out. Their DGEIS also states they know there are problems that can’t be fixed, so… just deal with them.
Re the Mitchell Field article. Anyone who supports the LH project should be aware and concerned. MPO is if Murray approves the rezoning of that development the ToH will use it towards their environmental arguments as that project brings in 44 townhomes and 160 new apartments. JMO.
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Thanks Chad, some just want to close their eyes to the truth. I never insulted anybody and the things like Kumar,CA and Wang are all facts.
You can all joke about Karma and or what goes around comes around, but like i said you are seeing it with your own eyes.
The man that took down CA and Kumar and financially hurt others is now threating to move our once proud 4 stanley cup organization for the sake of realestate.
You all can believe the hype that the Islanders who survived before Wang for 30 years that it all comes to an end do to the Lighthouse. Besides with our economy making a financial historical event it has sent us back 20-30 years. With CEO’s melting down companys for the sake of there own greed and money like Wang is doing and has done it all starts to make sense. -
Pete M says:
So a member of the Nassau County Legislature is arrested for tax evasion and all of a sudden Wang is involved in corruption with the Lighthouse Project and Nassau County Politicians? Are you people for real???? How in Gods name do you make that leap???? It all sounds like another ham handed attempt by Kate Murray shills to discredit Charles Wang and stop this project. At least this scheme doesn’t cost the taxpayers any money, unless of course its being done on work time. All these new comers just happen to show up on this board on this particular day and this BS starts? Are Chad and Pablo on the TOH payroll? It sure as hell sounds like it.
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IslesHostage says:
Again…SMG not taking all parking, all concessions and all advertising and a huge sum in ticket window purchases/non-season ticket package purchases makes the Isles profitable. Wang reporting ALL the cable money as well does. (note: Levitt report, Forbes reports)
But he’s “not in the arena management business!”
Well, apparently the way he runs this team into the ground, it didn’t stop him from running our hopes into the ground with this team.
Hope his son in law and lackey hires can fix this and buy out SMG once this bloated Blighthouse deal is nixed due to various obvious reasons. Too big, too much and too much on the line for us stupid fans who vested our hearts with the team you ruined, Chuckiepoops! How about buying out SMG and building the arena in return for an ownership stake like a SMART businessman (one not investigated by the SEC repeatedly, sued by shareholders who went belly up, sued by partners yet unindicted like Al Capone was until tax problems) did.
Mike Ilitch takes care of fans and wants his hockey team to win. He got part of the Joe and makes money in an old building. He cares. Detroit fans feel this. Islander fans are told to sit down and shut up by our owner, meanwhile.
BOTH parties are in the wrong, sure, but the goal was supposed to be helping the team. Only Murray has addressed this with her fallacious “stimulus rebuild” of the Coliseum. Wang is all about the surrounding pork meanwhile. All the goodies or I take my team and move, suckers!
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Steve says:
Charles is as classy as it gets and an incredible business man. He let it go on long enough to gain the public support and sympathy and is now beginning to rattle some chains and let people know he cannot be pushed around. I really feel like the Lighthouse deal is finally going to happen!
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Chickendirt says:
Wouldn’t it be prudent for Bettman to step in and at least buy SMG?
If the league can step in and save other Franchises, the Isles are not elligible for revenue sharing this is the least Bettmen can do.
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Can anyone imagine Tavares reading this blog? All he will read are fans claiming the owner is a crook.
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John says:
Reality check or realty? CB, I actually think you are acting a bit naive on this one. The Phoenix BK has everything to do with the Islanders, at least in terms of FUTURE precedent, that is to see how/what the league does if anything. Also it a cautionary tale for CW in that a new arena is not everything, but then I guess that what the Lighthouse project is “everything”.
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JohnnyC. says:
Wow just buy out SMG. The NHL tried to help the Isles get out of that lease in the 90′s. Who’s to say Wang did not try also. At some point negotiations got going with the county to renovate the arena. County had no money & struck deal with Wang back in 2003. At that point Wang and any reasonable person figured would have figured that a new arena would be built by now. Would have had revenue from new boxes & other stuff with arena to offset loses with SMG or new lease agreement. Then the county asks for new RFP for the development of the whole property in 2005 and here we are now. At some point in that time it would have not been financially sound to try to buy out lease & wait for development. This nonsense with town,county, village etc. is one reason why I did not buy a house in LI. Damn if I wanted to pee in my back yard I need to get permission from some politician.
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Pete-E-Goof says:
Hey Pete M (129), no one said that Wang was guilty or was involved. I read that article on Newsday too and I took it (as it was presented here) as a message to all of those on here that are yelling about Nassau Republicans being corrupt and that Democrats are just as underhanded as the next pol. The fact that Corbin’s district is where NVMC/LH is located is coincidence. NOW if they did some deep dive investigating and found that Wang was connected to this guy somehow since he WAS the rep for that area, then we’d have something to be concerned with. No one suggested he is, he was or is guilty by association. Another guy that needs to calm down, have a shot of patron and chill dude.
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moderator: please refrain from obscene language (Bettman) =)
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Jon Mac says:
On an unrelated note, I am watching the US v Finland online and Kyle Okposo looks like he is having a great game. US is leading 3-2 in the third.
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Frei says:
Once again, can someone refresh a little on the SMG thing, not the numbers themselves but the nepotism, was it D’Amatos brother or cousin or something that was part owner or on the board of directors, which was why he pushed it through? I dont remember the exact details.
Whatever the situation is / was, its disgusting and I’m convinced the franchise moves or folds if SMG inclusion is a necessity.
Chris says then Wang would have to get into the arena management business, but that’s really not true, as there are several companies that could provide the services besides SMG and they would not require such a corrupt, lopsided contract.
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lucky u JON MAC, my feed wont load, only saw the box score, KO notched an Assist on Oshie’s goal, Go US!
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John (134): Phoenix (Glendale for that matter) is nothing like Long Island. There is absolutely no hockey culture there. They don’t even broadcast home games, I can’t imagine what their TV revenue is like. The dead of winter can reach 90 degree outside.
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US wins 3-2 and advance to the semi-finals. The announcers were raving about Okposo. They said they think he will put on another 15 pounds.
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1) Apologies if this was addressed by another responder, but we disagree that the phoenix issue has no bearing on the Isles. It may or may not.
2) IF, and right now thats a huge IF, the Coyotes are sold, Bettman will likely want the team to at the very least stay in the southern U.S. Cretainly he has made his feelings toward Basillie clear.
3) So the Yotes may be KC bound as soon as this summer. If that happens Wang has one less ‘chip’ to use as leverage. The Queens angle remains, but no one fully knows how much red tape that might take and Charles might end up right back to the drawing boards.
4) Also if Balsille fails here, he will try (and fail again) to buy another team possibly the Isles. -
we can all bicker and argue – in reality – we can not control the situation – i think its time for the fecking reality check – i hope CB or Nickclassic can lay it out there. It looks bad – just hit us with the facts – id rather sulk for a few days than wonder a whole summer. Wang has to know by now – IS THIS GOING TO HAPPEN OR NOT?
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jk says:
KO plays so well against Finland. He did so many nice moves and catch one assist.
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Since “Pablo” can post in here more than 3 times I guess we all can do the same now? Hey Pablo, please post some links to your “facts” about how Wang got Kumar put in jail and is the master mind behind it all. Then post some links about how he screwed shareholders out of all of their earnings so we can all read about this. Or you can just keep coming in here and lieing and/or embelishing the truth because you think it makes you look smart. The bottom line is that Wang owns the Islanders and was awarded the rights to develop the property by the county. The town is holding the process up and Wang is getting sick of waiting and being screwed in the process. The Islanders will be GONE,,,NONEXISTENT,, if Wang doesn’t get this deal because it is the only way he can turn a profit. NO one else will buy a business that loses upwards of 20 million dollars a year because you know, usually businessmen get rich by actually making a profit. Owners buy teams to make money, there is no owner in the world that would buy a team if he thought he would lose money forever. Therefore we want the lighthouse so the team will stay in NY. Past mistakes, absurd accusations of fraud and scandals that have already been through court, blah blah blah! We are talking about the present and what is going to happen to our team. You are turning this into a I hate Wang and it’s all his fault discussion and that’s not even the issue we are dealing with here is it? No one cares if you hate Wang, go tell him. But if you want to talk about the Isles staying in long island you should actually come up with some legitamite solutions besides the one that you’re so against. But alas we have already been through all of that and THERE IS NO OTHER SOLUTION. Wake up!
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KO21 says:
I remember when most of us were complaining about the lack of media coverage regarding the LHP but now people are complaining that they don’t want to hear about it anymore…
The more the LHP is at the forfront of Islander country and the in the media the better, we need to get the word out…To be honest with you guys, I’m a huge Isles fan but I never used to post on this site until this season and I have learned everything about the LHP from this site…I was clueless regarding this whole story and thats because the media didnt cover it but now that Wang is putting pressure on the ToH, everythings coming out in the wash…
If I didnt know the full story behind the Isles and Wang until now, being a very passionate isles fan, imagine how many casual fans have no knowlege of whats happening???
Keep it up, CB!!!
Fight the good fight!!!
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Jay K. love your posts. All well thought out with facts and links to back you up. But now you’re dealing with a couple of individuals who make up scenarios and situations to feed their agendas. They don’t realize that people can actually look these things up so they say whatever sounds good to them and hope we will just take their word for it. I am convinced that these individuals are somehow closely related to the TOH or Kate Murray herself. There is no logic or sense to any of their posts and one of the guys is actually writing under a couple of different names and agreeing with himself. We should stop wasting our breath is all I’m saying.
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mLem says:
for what its worth it has been noted Ovechkin reads the Caps blog…its not out of the question to think tavares has stopped by these parts just to check it out…if i was him, id be curious too
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This just in … I spoke to a buddy of mine that works for NYC and we were discussing Willets Point (He’s a huge Mets fan) … he said that as far as the EIS goes for that area … it was completed … and it was broad enough to include a large scale indoor sports arena to accomodate a pro hockey and / or basketball team … the issue with the EIS is that after the public comment period the City which is developing the area began forging ahead … and some citizens that do oppose the re-development of W.P. are holding it up b/c they say the city didn’t follow the right procedure … citing conflict of interest since W.P.has almost no population to challenge, and the residents within the community board want more transparency. The City is also negotiating with businesses for relocation … and the city has now delayed negotiations till next year. All’s not lost though … b/c Wang can’t get out of the NVMC lease right away anyway … The difference between the LH and WP is … the City has great momentum to develop the project and will be taking RFPs for developers for Hotels, retail and Arena / Convention center.
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b-ri says:
Can the ‘yotes please go to KC so some Islanders fans can stop worrying about us going there
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I figure one of two things is going to happen … 1) A scaled down version of the Light House Project will be approved .. and Wang will actually profit faster b/c it will be completed faster 2) If it is delayed further Wang will look 10 miles West and submit a RFP (maybe partner with Wilpon?) to develop Wilets Point … and the Isles will play in a totally New Arena after having the lease condemned.
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I suggest to Wang that since he’s having a SOA – Sports Medicine / Rehab center built … that he transform some of the low income housing units to Veteran’s housing for people recovering from war injuries and they’ll be close by the Rehab center. Who can turn down veteran housing like that? In the spirit of NVMC. -
19 ISLE (150): Thanks for the summary. Am I right to say if the arena were to be built, it would take place in the Park, near citifield. The land is state-owned. The dispute is related to the actual willet point site where the junk shops and lands are privately own. So in theory, the arena can be built before the Willet Point site gets developed.
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mt275 … I’m not 100% sure of the actual plans for that site … My buddy Brian was saying that come hell or high water the City wants that area rehabilitated … and that the EDC and Queens Chamber of Commerce are pushing for Arena, Retail, Hotels and some housing to populate the area … He’s not 100% up to speed on the Light House to make a comparison .. but he said it sounds like if Wang can partner with a developer in Queens and submit an RFP, that the EIS is pretty much already approved as the lead agency is the City’s Economic Development office … obstacles are the remaining businesses forcing the City’s hand… but they are much further along than the LHP … City is Rezoning WP.
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BringBackNyles says:
I want the islanders to stay, but lets cool it on poor good ol’ Charles Wang. let’s not lose sight that his former half owner sits in jail and Wang was basically forced to retire form his own company.
Wang keeps saying not to make it personal with Murray because there are many skeletons in the closet on his end.
I wonder how many CA shareholders “regret” Wang making 670 million while their stock was inflated by his buddies
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King says:
Okay of course Wang regrets buying the team, when he bought the team these problems were already in place! Stop acting like this is anything new or even relatively new. When he first bought the team he was NOT involved in the Lighthouse which was a big mistake on his part because the man damn well knew how long things take on Long Island. This man has made mistake after mistake and now is making threats to his fans and politicians? No offense Mr. Wang but you messed the Islanders up you highered Milbury and allowed for his ridiculous campaign to continue and create a laughing stock of a team. Then by firing a legitimate GM and higher a back up goalie?! WHAT IS HAPPENING? It takes years to develop relationships with scouts and GM’s so please do not come crying to us Charles Wang that you are losing money when you cannot put a contender on the ice because you have messed things up and are looking for sympathy. I am sorry but you will have none from me.
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I hate to seem like I am piling on, but I really think the other ftal flaw was, after the great 90+ point season ending in the loss to the Leafs, the Islanders jacked ticket prices through the roof.
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19 Isles – that’s interesting info, and it must’ve meant (based on my painstaking reading of SEQRA) that they filed a Generic EIS to cover all possible bases….again, Queens will not be a slam dunk because of some pockets of public resistance. I still think they’re an excellent backup plan.
Nick (Brooklyn) – I’ve been trying to give some reality checks over on the blog. Frankly it’s tiring to have the same discussion about the same issues over and over again with people who just don’t want to get it. We keep doing what we can on the blogs, though, and I hope you’ll keep reading.
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JP says:
#43 – The NMVC lease was profitable… back in the 80s when salaries were less than $270,000 on average.
In 1990, the average salary was $271,00. About $125 million of the NHL’s $400 million in revenue went to salaries.
Now the average salary is $1.46 million, an increase of 539%.
That isn’t a problem if revenues increase at the same rate (and revenues are up to almost $2.2 billion, about the same % increase as average salary).
The Islanders problems is that THEIR revenues have NOT gone up at the same rate as the rest of the league. Because the ways teams get additional revenue is through things like suites, concessions, parking, ticket sales, corporate sponsorships, etc. Most of which goes into SMG’s pockets and not the Islanders.
The Islanders revenues last season were dead last in the league, $5 million behind the #29 team in the NHL, despite having one of the best TV deals
Add in that we don’t get $12 million in revenue sharing because we’re in the NY market, and the Islanders are in a world of hurt until they get out of that lease, and into a building in which they can make up that gap in revenue.
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And, JP, to fill in the last piece of that, the Islanders cannot make back the $400 million cost with just an arena. They can be profitable, but they can’t cover costs. I know a lot of people here are riding high with Charles Wang’s money, but he’s not giving us a $400 million gift without expecting something in return. I’m just glad that he’s willing to be flexible and proposed a project that I think is exactly what Long Island needs (and nothing about that 60-story building – it’s been out of the plans for 4 years, and if Wang actually WAS so set on getting his way, it never would’ve come out and this whole thing would’ve died years ago…the whole point of a negotiation is to ask for more than you expect to get).
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A.J says:
I’m confused. are those 300 million he’s spent outside the revenues coming in? If the 300 million i sthe total he’s spent, but then has gotten around 50 million in revenue each year that makes him a plus player right?
I’m hungarian. Axcuse my english.
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AJ – no worries on the English.
The Islanders haven’t been profitable since Charles Wang bought the team. The $300 million is money that he spent to cover losses, and that’s in addition to the almost $200 million he spent for the team.
It’s ugly.
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The losses were almost covered by the team……adding up the cable revenue, Wang chipped in $47M using Forbes’ data. That’s EASILY covered by buying out SMG day one but he didn’t do it (couldn’t, as SMG got him in over Gutkowski).
I dunno, I’m starting to worry again about relocation…