Skip to main content

Featured Post

Atlantic Yards/Pacific Park graphic: what's built/what's coming + FAQ (pinned post)

Now it's "ironclad." Islanders will move to Belmont with 25-year commitment.

When the New York Islanders in 2012 announced a move to Brooklyn, the 25-year lease was said to be "ironclad," with no opt-out. That was a lie.

Now the Islanders' 25-year lease at Belmont Park is said to be "ironclad," and that sounds more likely, given that Newsday reporter Jim Baumbach got a copy.


Islanders, Belmont Park have 25-year 'non-relocation' agreement, Baumbach reported 2/10/20, noting that the team would have to pay a significant, but decreasing, penalty to Empire State Development, the state authority overseeing/shepherding the project.

"For example, the Islanders would have to pay ESD $86.25 million if they leave in the first year; the figure drops to $5 million in the 25th year," he wrote.

The 25-year term, expert Marc Ganis said, “if it’s on the shorter side, that would generally indicate the government is putting in fewer dollars and resources.” (The Brooklyn Nets have a 37-year term.)

Then again, while New York State may not be funding the arena, it's sure offering the team owners a nice deal.

Comments