James Dolan Reportedly Interested in Investing in Islanders' Proposed New Arena

Madison Square Garden Company executive chairman James Dolan, who leads ownership efforts for the New York Knicks and New York Rangers, is among the potential investors in a proposed Queens arena for the New York Islanders, the crosstown rival of the Rangers.

Scott Soshnick of Bloomberg reported Friday that Dolan is involved with the Oak View Group, a private equity firm involved in discussions about the arena. The Wilpon family, which controls the New York Mets, could also be part of an eventual deal through its Sterling Project Development advisory group.

National Hockey League guidelines do not prevent the owner of one franchise from owning a stake in an opponent's home arena, according to Soshnick. The report noted recent talks have surrounded a site near Belmont Park, which is owned by the New York Racing Authority.

The Islanders are seeking options for a new home due to lackluster attendance following their move to Barclays Center, which they share with the NBA's Brooklyn Nets.

The team averaged 15,334 fans per game during their final season in Nassau Veterans Memorial Coliseum (2014-15), per ESPN.com. The number dropped to 13,626 in their first campaign at the Barclays Center and has sagged further so far this season to 13,003.

In January, Dan Martin and Rich Calder of the New York Post reported the owners of the arena may utilize an opt-out clause in the contract to force the Islanders to leave following the 2018-19 season. They feel concerts and other mainstream attractions would be more financially beneficial than hockey.

NHL commissioner Gary Bettman stated during the league's All-Star Weekend last month the only firm stance the ownership group held is staying in New York, per Mark Herrmann of Newsday.

"They're committed to the franchise, they're committed to New York and the great fan base that has followed the Islanders," Bettman said.

He added: "There are some issues about playing in Barclays, it may be fundamental to the ice system, and that's not something that can be fixed in the short term. I think as is prudent, Scott Malkin and Jon Ledecky are reviewing the situation and looking very seriously at what their options are."

A timetable for a decision on the Islanders' future at Barclays Center and where they would move if that agreement gets terminated hasn't been publicly released.

Meanwhile, the current team is caught in a fierce battle for a playoff berth in the crowded Eastern Conference. New York currently owns the second wild-card position, but there are five teams within six points with about a quarter of the regular season remaining.