Politics & Government
New Arena, Same Problem for One NHL Team
While developers and officials pitch an Isles rink, new facility in New Jersey has not lifted that franchise's financial health.
Earlier this week, a group of developers and business leaders unveiled a $346 million plan to rebuild the Nassau Coliseum and develop the 77 acres surrounding it.
The latest pitch came less than two months after county voters widely rejected a proposal to use $400 million in taxpayer money to back a new arena, which the team said it needs to remain viable in the area.
Meanwhile in not-so-distant New Jersey, a new building has not helped their National Hockey League team make ends meet.
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According to a New York Post report, the team's co-owners has paid to unload his share of the team.
From the Post:
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The strange deal highlights both the shaky financial condition of the Newark-based team and the caustic relationship between the two owners.
As the deal is structured, Chambers, who has been looking to exit the mostly money-losing franchise for about a year, appears to feel the equity in the NHL team is worthless.
The Devils are about $180 million in debt.
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