The first step toward opting out of a 25-year agreement between Barclays Center and the New York Islanders has been taken, sources tell Jim Baumbach and Robert Brodsky of Newsday.
The arena's parent company, Brooklyn Sports & Entertainment, recently notified the club in writing that the window to renegotiate the terms of the license agreement is open, as per the terms of the deal.
Baumbach and Brodsky further explain what this means:
The two sides have until Jan. 1, 2018, to renegotiate the terms, according to the summary of the license agreement previously obtained by Newsday. If no new deal is reached, the two sides can stay with the current deal or choose to opt out. Each side would have until Jan. 30, 2018, to deliver an opt-out notice in writing.
If the Islanders decide to opt out, the team can choose to leave at the end of next season or at the end of the 2018-19 season. If Barclays triggers the opt-out, the Islanders would have to leave after the 2018-19 season.
Back in April, NHL commissioner Gary Bettman confirmed the Islanders are planning to submit a bid to build an arena in Belmont Park, while Baumbach and Brodsky report the operators of Barclays Center will present a plan that would send the team back to a freshly renovated Nassau Coliseum.
The letter is described as a procedural step, and both the Islanders and Barclays Center declined to comment.
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