The Nassau Coliseum has reached a deal with a developer to take over its lease, Nassau Executive Laura Curran officially announced Thursday.

The Coliseum is in agreement to make the Nassau Live Center, LLC the arena's new tenant. Nassau Live is an affiliate of Coliseum lender US Immigration Fund.

The deal will help Nassau recoup more than $2 million in unpaid rent by its former leaseholder.

The new tenant has also nailed down agreements with the Coliseum's operator, the New York Islanders and the Long Island Nets.

Nassau officials also confirmed the with the tenant and developer RXR Realty to continue work on the redevelopment of the Nassau Hub.

"We've made sure our Islanders can come home to Nassau for one final season at the Barn while continuing all the momentum we've built with our community partners on a reimaged Hub that would drive our economy and benefit our residents for generations to come," says Curran.

Onexim Sports and Entertainment decided to close the Coliseum in June while it sought to find new investors.