Report: Rangers owner Dolan investing in new Islanders arena

The New York Islanders' biggest rival may be helping to foot the bill for their new barn.

New York Rangers owner James Dolan is among a group of investors offering a new arena proposal for the Islanders, according to Bloomberg's Scott Soshnick, who cited people familiar with the proposal discussions.

The new plan is being spearheaded by the Islanders, Oak View Group - for which Dolan is an investor - and Sterling Project Development, which is controlled by the Wilpon family, owner of the New York Mets.

The Islanders have called the Barclays Center in Brooklyn their home since the beginning of 2015-16, but the relationship between the NHL club and the arena has taken a turn as of late.

In January, Soshnick reported that Barclays Center officials deemed it no longer in their best financial interest to house the Islanders, preferring to focus on the NBA's Brooklyn Nets as well as concerts and other events.

That leaves the Islanders and the Barclays Center with two options. Either the club terminates its lease, allowing the team to move on in 2017-18, or the arena backs out, giving the Islanders until the end of 2018-19 to find a new home.

The new proposal to be put forth by Dolan and Co. calls for a venue to be built at Belmont Park in Elmont, N.Y., just outside of Queens, according to Soshnick.