Islanders told to find more money

By Kyle Sakamoto
Advertiser Staff Writer

The Hawaiian Islanders of arenafootball2, the state's only professional sports franchise, will need to raise $525,000 in additional sponsorships and alternative money by Sept. 30 to continue next season, according to executive director and general manager Chris Dey.

The ultimatum was issued by Islanders owner Charles B. Wang, who said he might not submit a letter of participation to the league for 2005 if the goal isn't met.

Dey said he is "cautiously optimistic" about reaching the goal.

The Islanders have lost $5.4 million in their three years of existence — $2.4 million following the 2002 season, $1.7 million in 2003 and $1.3 million this past season. Projected losses for this past season were $952,000, but the team had additional expenses such as increased worker's compensation costs, which nearly doubled from 2003 to more than $100,000.

Wang's daughter, Kimberly W. Dey, is the owner/operator of the Islanders, and Chris Dey is her husband.

Chris Dey said he wasn't surprised by Wang's demand.

"I think it was a very reasonable request," he said.

As far as reaching $525,000 by Sept. 30, Dey said: "I don't think it's too much, but it's definitely a challenge. It's an exciting challenge for Kimberly and I, but it's something I feel we can get done."

The Islanders completed their third season July 31 with an 8-8 record.

This past season, the Islanders increased season ticket sales 25 percent to 1,495, corporate sponsorship by 98 percent and total revenue by 60 percent to $651,000.

If the Islanders continue next season, Dey projects a loss of $200,000. He said the team would hope to reduce operation expenses by $478,500, with the Islanders staff moving out of its downtown offices and into a commercial retail building in Kailua, which would save $100,000 in rent and $20,000 in parking.

The revenue goal for 2005 would be $1.35 million — $461,000 in ticket revenue, which would be a 47 percent increase from 2004; and $725,000 in corporate sponsorship, an increase of 260 percent.

Dey said he's also hopeful of securing funds from the state and city. He, Kimberly W. Dey and Wang will meet with Lt. Gov. Duke Aiona on Monday.

"He certainly recognizes the value of the organization and I'm sure he'll try to do what he can to support us," Dey said.