Islanders, SMG Owe Nassau Millions
The New York Islanders and SMG, which together lease Nassau Veterans Memorial Coliseum , reportedly owe Nassau County $3.6 million in unpaid rent, utilities and revenue payments – and the lease is up in July.
Photo: SHoP Architects
The Long Island, N.Y., venue could be in for a renovation.
Newsday filed a request with Nassau County and reported the financial data, which runs to the last fiscal quarter.
As recently as Dec. 24, the Islanders and facility operator SMG owed Nassau a total of $4.9 million, according to Newsday, but the team and SMG made a payment of $1.25 million.
A county executive has urged county officials to aggressively recoup the debt, which has accumulated since 2011. However, county officials told Newsday they are negotiating with SMG and the team and expect to be paid in full by July 31.
“The county has a good working relationship with the Islanders and will continue to work to resolve this issue as the term of the lease draws to a conclusion,” county attorney Carnell Foskey said in a statement.
The Islanders expect to exit the building to move to Barclays Center in Brooklyn. The team has been a money-loser for years, according to owner Charles Wang, who recently sold a minority share for $485 million.
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