New York Islanders Made Coin For Barclays Center
The relationship between the New York Islanders and the Barclays Center is incredibly strenuous. And who knows what’s going to come of it. Then it comes out that the Isles are net negative on the Barc’s bottom line….sorta.
On Monday Forbes writer, Mike Ozanian put out an article that stated the Barclays Center lost more money with the New York Islanders as a second tenant than without them.
It doesn’t make sense, what with the Barclays being occupied on 41 extra dates during the season. We know the Isles don’t always pack the house, but there’s no way Barclays could fill out those dates without the Isles.
So whatever the Isles are binging is better than the alternative at the moment.
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Well if didn’t makes sense to you, you’re right.
Yesterday Mike recanted his article. It seems that Mike misread the Barclays financial statements incorrectly. Fair enough. Those things aren’t easy to read. Unless you’re an accountant or something.
In the First Year
In the first year that the Islanders played at the Barclays, they netted their landlords an extra $8 million. Keep in mind, that’s after the Barclays paid out that $50 million to the Isles.
Which only serves to muddy the talking points put out by the Barclays Center regarding the team’s profitability a few weeks ago.
If the Isles are making money for the Barclays how do they become unprofitable within a few short years? Unless the deal that Charles Wang signed was so heavily skewed the Islanders way.
But then you consider the Islanders attendance rates between both years.
The Second Year Dip
In their first season at the Barclays Center, the Islanders drew on average 13,627 fans to home games, according to HockeyDB.
This season that number has dipped to 13,044, according to the same source. That a nearly 600 person dip. And with four games of their remaining 11 at home and the potential for playoff hockey in doubt, don’t expect that number to change.
Remember that in the deal between the Barclays Center and the Islanders that Barclays keeps:
"Barclays Center acquired all ticket and suite sales, sponsorships, marketing and promotions and their revenue."
So the number of bottoms in seats matters to the Barclays, a lot. You gotta be able to sell and the Islanders aren’t doing that at the Barclays, for whatever reason.
Next: Changes Are Gonna Come for the Isles
So while in the Isles first season in the Barclays was a positive on the ol’ accounting book. Season two won’t be so positive, and who knows what season three will bring if the cast is the same and the storylines are played out and done?
A renegotiated deal between the two parties just makes sense, regardless of the Islanders ambitions to have their own arena in the near future.