The Nassau Coliseum, NYCB Live will close its doors indefinitely as the operator billionaire Mikhail Prokhorov is seeking investors to take over the lease and assume the $ 100 million remaining debt.
The decision of Prokhorov raises questions about the future development of the Nassau Hub of $ 1.5 billion and is expected to return the Islanders to the Barclays Center in Brooklyn instead of playing their last season on Long Island prior to the opening of their new arena at Belmont Park.
A spokesman for Prokhorov, said on Tuesday in a press release that “the enormous economic value in the long term at the Coliseum and its surrounding property could be best performed by other parties.” She said that Onexim Sports and Entertainment has engaged with the county of Nassau, other important stakeholders and potential investors to find the good parts in order to resume the operations of the Coliseum.
Tuesday’s announcement came three months after the Coliseum closed its doors to operations because of the coronavirus pandemic. As an entertainment company, Onexim makes a significant portion of its revenue from live events, most of which were cancelled this year. “The COVID-19 pandemic has brought challenges to arenas across the country, and our Coliseum is no exception without hockey to anchor the venue,” Nassau County Executive Laura Curran said in a statement Tuesday. “Nassau County is encouraged that Onexim is speaking to their lenders and other potential investors.”
