Per an Islanders Official Press Release:
Nassau County Executive Edward P. Mangano and New York Islanders Principal Owner Charles B. Wang today announced a public-private partnership to enhance the Cantiague Park Ice Facility and make it the Islanders official practice location and business offices.
The team has committed to hosting five open team practices per year, as well as two annual scrimmages and three annual public player autograph sessions. The facility will also feature an official Islanders Pro Shop. Under the agreement, County taxpayers will share in revenue generated at the facility.
Nassau County Executive Edward P. Mangano stated, “This public-private partnership with the Islanders will provide an opportunity for fans to enjoy open practices, scrimmages and autographs sessions while improving the Cantiague Park Ice Facility for our residents.”
Under the 10-year license agreement, the County will receive a minimum of $200,000 in revenue from the Islanders annually – escalating to $250,000. Taxpayers will share in revenue derived from licensee fees, ice rentals and sponsorships. The facility will remain open for public-use.
“Nassau County has been the Islanders home for the past 43 years and we are thrilled to continue this tradition,” New York Islanders General Manager Garth Snow said. “Cantiague Park Ice Facility will become one of the premiere skating facilities in the area. We look forward to keeping our connection to the Long Island community and the most passionate fans in the NHL.”
The Islanders will invest $5.1 million to enhance the public facility. Wang had deposited $4.5 million with Nassau County in relation to The Lighthouse Project. This money has remained in escrow. These funds, and an additional $600,000, will be utilized to enhance the Cantiague Park Ice Facility and avoid any litigation over the escrowed amount.