Report: James Dolan Among Investors Behind Islanders Arena Proposal

NEW YORK (CBSNewYork) -- A group reportedly interested in investing in a new arena for the New York Islanders includes one very surprising name: Rangers owner James Dolan.

According to a Bloomberg report, the proposal for an arena near Belmont Park is a joint venture between the Islanders, Oak View Group and Sterling Project Development. Dolan's Madison Square Garden Co. is an investor in Oak View, a private equity firm.

Sterling Project Development is controlled by the Wilpon family, which also owns the Mets.

NHL rules allow the owner of one franchise to own a stake in another team's arena, Bloomberg reported.

The Islanders, MSG and Oak View declined to comment to Bloomberg.

The Islanders moved from Nassau Coliseum to Brooklyn's Barclays Center last season, but Barclays officials have reportedly concluded the venue would be better off financially without the Islanders, leaving the NHL franchise scrambling to find a new home.

The Islanders and Barclays have an unusual agreement in which the arena pays the team $53.5 million a year in exchange for business operations, which includes tickets and suite sales.

If Barclays terminates the lease, the Islanders can remain there through the 2018-19 season. If the Islanders exercise their out clause, they could leave after next season.

Since moving to Brooklyn, the Isles have struggled to attract new fans while their existing supporters have complained about obstructed-view seats and the loss of some in-building traditions from the team's decades on Long Island. Some players also have complained about the quality of the ice.

The team also reportedly considered building an arena near Citi Field in Queens, but it is now focusing on the Belmont site, Bloomberg reported.

Meanwhile, officials on Long Island and in Connecticut have contacted the Islanders' owners about playing at Nassau Coliseum or Hartford's XL Center, respectively, either temporarily or permanently.