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Sunday, July 17, 2011

Islanders' Referendum May Kill Taxpayers To Save Team

The New York Islanders' future on Long Island depends on a public referendum -- now getting bipartisan opposition --  that would have taxpayers pay the interest (debt service) on public bonds for a new Nassau Coliseum if arena revenue does not cover the interest as projected.

The once-iconic New York Islanders, winners of four Stanley Cups in 1980-83 and remembered across North America for a generation of all-time great players, have sustained serious fan base, sponsorship and television audience deterioration in the last 25 years.  The Islanders have been at or near the bottom of the 30-team National Hockey League in attendance since the mid-1990s, and are now reported to lose in excess of $20 million annually despite being at or near the player salary "floor" (estimated to be about $46 million this upcoming season) as mandated in the player collective bargaining agreement. 

Eric Dixon is a New York investigative lawyer and former New York Islanders season ticket holder.  Mr. Dixon has substantial experience in business deal due diligence -- including finding out how a proposed deal will not work -- and in formulating and drafting the complex agreements necessary in these types of transactions.

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