***EXCLUSIVE***
CANTLON’S CORNER: CRDA & MSG REACH DEAL
BY: Gerry Cantlon, Howlings
HARTFORD, CT – The most immediate of a plethora of issues concerning the future of the XL Center has been the nailing down of a lease agreement between MSG and the CDRA over the continued presence of the New York Rangers‘ AHL affiliates, the Hartford Wolf Pack, who are currently in their 21st year of existence in the capital city.
Cantlon’s Corner can exclusively report that according to CRDA Executive Director Mike Freimuth, the CRDA and MSG have reached a new two-year lease agreement. The new deal comes with options that are owned by MSG for renewal each year by December 31st as was the case in the previous contract arrangement. The third year in the new deal will remain open-ended depending on what the status of the XL Center is at that time.
Spectra will write the affiliation-fee check as per their contract with the CRDA for $1.55 million next year, and then $1.6 million in 2019-20.
A new wrinkle is a renegotiation clause pending if the XL Center is either sold in whole or in part to an independent outside third party. RFP‘s will be issued next month in that process.
The deal is expected to be concluded by the end of business day Friday.
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