Onexim Sports and Entertainment, part of the Onexim group of Mikhail Prokhorov, wants to close the Nassau Coliseum stadium in New York for an indefinite period, Bloomberg said, citing sources. During this time, it is planned to find investors who will take on part of the operations and the remaining debt on the facility, the interlocutors of the agency specified.
According to one of them, the company is ready to transfer the lease to the stadium to potential investors, who will take on about $ 100 million of debt. The source added that the company may also cede the lease to its creditors. The representative of Onexim declined to comment, notes Bloomberg.
Hockey matches and rock concerts are usually held at Nassau Coliseum, but since the beginning of the coronavirus epidemic in New York, the stadium has not hosted any events and has ceased to generate income. However, the lease also implies rights to develop the territory, which may attract real estate investors, Bloomberg notes.
In the 1970s, the stadium was the home arena of the Brooklyn Nets basketball club, which Prokhorov acquired in 2009. After passing under the control of Prokhorov, the club moved to a specially built Barclays Center in Brooklyn. In August last year, the billionaire announced the sale of his stake in the club.
In October 2015, Prokhorov decided to buy control in the Nassau Coliseum arena from businessman Bruce Ratner, who, together with the billionaire, owned the Brooklyn Nets and Barclays Center. NetsDaily wrote that the arena operator, Nassau Events Center, had a 25-year land lease contract, under which it should rebuild the stadium and build an adjacent complex with a cinema, restaurants and shops. The contract cost was $ 260.5 million. In the same year, the stadium was closed for reconstruction at a cost of $ 180 million. The arena resumed its work in 2017, after which about 200 events a year began
According to one of them, the company is ready to transfer the lease to the stadium to potential investors, who will take on about $ 100 million of debt. The source added that the company may also cede the lease to its creditors. The representative of Onexim declined to comment, notes Bloomberg.
Hockey matches and rock concerts are usually held at Nassau Coliseum, but since the beginning of the coronavirus epidemic in New York, the stadium has not hosted any events and has ceased to generate income. However, the lease also implies rights to develop the territory, which may attract real estate investors, Bloomberg notes.
In the 1970s, the stadium was the home arena of the Brooklyn Nets basketball club, which Prokhorov acquired in 2009. After passing under the control of Prokhorov, the club moved to a specially built Barclays Center in Brooklyn. In August last year, the billionaire announced the sale of his stake in the club.
In October 2015, Prokhorov decided to buy control in the Nassau Coliseum arena from businessman Bruce Ratner, who, together with the billionaire, owned the Brooklyn Nets and Barclays Center. NetsDaily wrote that the arena operator, Nassau Events Center, had a 25-year land lease contract, under which it should rebuild the stadium and build an adjacent complex with a cinema, restaurants and shops. The contract cost was $ 260.5 million. In the same year, the stadium was closed for reconstruction at a cost of $ 180 million. The arena resumed its work in 2017, after which about 200 events a year began
Business
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