The Barclays Center has taken the first preliminary step toward a potential opt-out of its 25-year deal with the Islanders, according to sources.They have until the end of the year to renegotiate; then they can either opt out within a month or maintain the current terms, in which Barclays pays the Islanders a fee and handles the team's business arrangement.
Brooklyn Sports & Entertainment, which runs the Barclays Center and the renovated Nassau Coliseum, recently notified the Islanders in writing that the window to renegotiate the terms of the license agreement is open, as per the terms of the contract.
This watchdog blog, by journalist Norman Oder, offers analysis, commentary, and reportage about the $4.9B project to build the Barclays Center arena and 15-16 towers at a crucial site in Brooklyn. Dubbed Atlantic Yards by developer Forest City Ratner in 2003, it was rebranded Pacific Park Brooklyn in 2014 after the Chinese government-owned Greenland Group bought a 70% stake going forward. As of 2018, after the arena and four towers were built, Greenland will own 95% of future construction.