FOX Business’s Charlie Gasparino says Wall Street is betting that sports can make a big comeback once the coronavirus pandemic subsides.
While NHL games will be played without fans for the foreseeable future due to the coronavirus pandemic, New York Islanders co-owner Jon Ledecky expects record crowds in the stands for when his team’s new arena opens in 2021.
The islanders turned to Swiss bank UBS to serve as a naming rights partner for their new arena in Elmont, New York, in a 20-year deal reportedly worth $ 350 million. Ledecky said UBS’s massive long-term investment, announced at a time of unprecedented uncertainty in US sports, indicates that the business world expects crowded crowds as soon as a coronavirus vaccine makes it safe to attend games in person.
“I think the resilience of the United States and the resilience of our fans should not be underestimated,” Ledecky told FOX Business. “I think what they will see is that once the coast is clear, once the health authorities and the political authorities get together and say that the coronavirus is on the decline or once a vaccine is developed, I think they will see people return to arenas and stadiums across the country in record numbers because they want to support the United States. “
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Co-owner and Alternate Governor of the New York Islanders Jon Ledecky speaks to the media during a press conference at the Turf & Field Club on December 20, 2017 in South Ozone Park, New York. (Photo by Mike Stobe / NHLI via Getty Images)
UBS Arena in Belmont Park will serve as the centerpiece of a $ 1.5 billion development. Financial backers, including islanders, sports investment firm Oak View Group, and New York Mets project owner Jeff Wilpon’s Sterling Project Development, said the privately funded project will generate approximately $ 25 billion in economic activity. , will create 3,000 permanent jobs and support improvements in local infrastructure.
Construction on the new islanders arena closed for several weeks in March, when the coronavirus pandemic halted nonessential work and forced the NHL to suspend its season indefinitely. Despite the delay, Ledecky said the arena is still on track to open in time for the NHL’s 2021-22 season, adding that the islanders’ organization is in a solid financial position despite the impact of the pandemic.
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A representation of UBS Arena in Belmont Park. (New York Islanders)
“In fact, we are going to be in the market hiring people, because when you are building a new arena and taking on a project of this magnitude, you need to add your team,” said Ledecky.
The UBS Arena project marks an important step for an islander franchise that had struggled for years to secure plans for a modern stadium. The team has been dividing their home games between the old Nassau Coliseum in Uniondale and the Barclays Center in Brooklyn.
Described as “the first third generation stadium”, the stadium will feature state-of-the-art facilities, such as digitally enhanced concession stands. Long bath lines, a highly maligned hallmark of the Nassau Coliseum fan experience, won’t be a problem. UBS Arena will have more restrooms than any other stadium in the U.S.
UBS won the naming rights after a competitive bidding process that included bids from “emerging digital media companies” and “iconic New York companies,” according to Ledecky. The islanders chose UBS, which is based in the United States in New York, because the bank is stable and well-capitalized amid the pandemic-related uncertainty.
“What a great endorsement by UBS that New York’s resilience will be there,” said Ledecky.
The NHL will resume play on August 1 in established “bubble” environments in the Canadian cities of Toronto and Edmonton. The Islanders will face the Florida Panthers in a five-game qualifying round to determine which team makes the playoffs.
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While fans won’t be able to attend the games in person, Ledecky said viewers can expect an electrical experience. The NHL is expected to announce steps to recreate a traditional gaming environment in the coming days.
“I think the United States has a chance to fall in love with hockey again on television,” Ledecky said.
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