Charles Wang Regrets Purchasing Isles

It's no secret that the Islanders have been an organization that has been bleeding money for years. But, until recently, owner Charles Wang has not spoken out about it, taking the high road and keeping quiet while the Islanders' best hope to save the franchise -- a large-scale redevelopment of the Coliseum and surrounding area -- has been caught up in Long Island's political circus.

Speaking to Newsday this week, Wang dropped what is, by his standards, a bombshell regarding his feelings on ownership.

"If I had the chance," Wang said, "I wouldn't do it again," referring to his purchase of the team in 2000.

"I knew going in," Wang said, "that I was going to lose money."

After buying the Islanders, Wang said he assumed - wrongly, it turned out - that Nassau Coliseum would either be refurbished or replaced within a few years.

"Never in my life," he said, "would I have anticipated this thing could be dragged out for seven, eight years."

Wang's claims of losses aren't unfounded, either. A Newsday reporter was allowed to examine the Islanders' books, and they showed that the team has lost over $300 million since Wang has taken over, averaging about $23 million per year. That's a lot of money to lose, even for someone as wealthy as Wang.

Most of that is due to the Islanders' horrific lease with SMG, which has crippled them for at least the last two decades. They don't receive a cut of concessions or parking and split their ticket sales with the county and SMG, keeping them from enjoying revenues that are the bread and butter of many sports franchises. Of course, the aging Coliseum, with little room for suites and other amenities, plays a role as well.

Wang has demanded that a decision on the fate of the land be made by the start of next season, otherwise he will be forced to "consider his options" when it comes to owning the team. And at this point, it would be hard to blame him for doing so.