Nassau Veterans Memorial Coliseum will be shutting down, as Onexim Sports and Entertainment -- the company run by former Nets majority owner and billionaire Mikhail Prokhorov -- is looking for new investors to absorb remaining debt on the arena, per Bloomberg.
Arenas are taking big hits across the country, with live events not being allowed due to the coronavirus pandemic. The Coliseum is popular for hosting concerts, especially in the spring and summer months. However, without that revenue and the future unknown, Prokhorov's company is being forced to let arena employees go as they look for new investors.
Bloomberg is reporting that Prokhorov's group is hoping to turn the lease over for "roughly $100 million in loans on the property."
The Islanders played at the Coliseum briefly this season, as they split their time between there and Barclays Center. But in 2020-21, as the Isles' new home at Belmont Park continued to be built, Gov. Andrew Cuomo had said they would be playing at the Coliseum exclusively. That, of course, is now up in the air.
The Coliseum received a big $180 million renovation back in 2015, as its facilities -- especially for sporting events -- were outdated and needed refurbishing. Upon its reopening in 2017, the Coliseum was booming with patrons for sporting events and concerts. Bloomberg said around 200 live events have been hosted there since then.