When it comes to Long Island sports and events, the Nassau Veterans Memorial Coliseum is ubiquitous. However, recent news has left us wondering what will become of the arena as its operator, Onexim Sports and Entertainment, seeks to step out of the game. Onexim’s billionaire founder Mikhail Prokhorov has decided to shutter the venue indefinitely and is currently seeking an investor willing to take over the remaining debt on the arena, according to Bloomberg.com reporter, Patrick Clark.
The building has been serving as the temporary home of the New York Islanders hockey team as their new arena at Belmont Park is being built. However, the Coliseum has been closed since March due to the pandemic. And its long term prospects for the year don’t look good with events continuing to be canceled.
Heavily impacted by the loss of revenue over canceled live events, concerts, and hockey games, Onexim had already begun laying off arena employees. Even when the 2020-21 NHL season does begin, potentially in late-July, all games are slated to be played at two neutral sites, neither of which is the Nassau Coliseum.
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Another setback for Onexim has been the slowed construction on the Nassau Hub, a redevelopment project aiming to create housing, offices, and retail space around the arena.
According to Bloomberg, Onexim released a statement saying, “The unforeseeable and unprecedented Covid-19 crisis has had a devastating effect on the operations of the Coliseum and its finances. While we still believe in the enormous long term economic value of the Coliseum and the development of the surrounding land, we recognize that such value will be best realized by other parties.”
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Reportedly, Onexim told potential investors it is looking for someone to assume approximately $100 million in debt on the property in exchange for turning over the lease. The lease could also be surrendered to its lenders.
Laura Curran, Nassau County Executive admitted she was disappointed with Onexim’s decision, but that it wasn’t a surprise considering the economic turmoil the U.S. has been through. Curran also indicated she was optimistic about the continued development plans with RXR Realty, stating “Transforming the Hub site, important before the pandemic, is now even more critical to Nassau’s economic comeback.”
So for now, we can only watch and wait to see what the fate of our beloved Nassau Coliseum arena will be.