When Islanders owner Charles Wang purchased the team four years ago, no part of the deal hinged on any kind of arena renovation project. His first priority, he said yesterday at Eisenhower Park, was to first fix the product on the ice. Having qualified for three straight playoffs, though, without a series win, Wang now turns his attention to improving Nassau Coliseum, the second oldest arena in the NHL.

“Now it’s time to focus on the Coliseum and its surroundings,” Wang said at yesterday’s first formal news conference unveiling his grandiose Lighthouse project, of which the total renovation of the old barn is just the first phase. “This is one of the most exciting projects I’ve been involved with in my career.”

Wang pledged to pick up 68-percent of the costs to renovate the existing Coliseum, which would amount to approximately $168 million of the estimated $245 million price tag on the first phase of the project. As part of gutting and renovating the Coliseum, Wang said that the Islanders would then extend their lease on the building to 2025, ensuring there will be hockey on Long Island for years to come.

Currently, the NHL is shut down amid a labor war, and the Islanders’ lease with SMG, the company that operates the Coliseum and soaks a huge portion of the team’s revenues, is set to expire in 2012. No matter how far the Isles go in the playoffs under the current lease and in the existing Coliseum, they are guaranteed to lose money.

“The Islanders and Dragons lost more than $25 million last year and close to $100 million the last four years,” Wang said.

Before the project goes any further, Wang must get town, county and state zoning approval to upgrade the Coliseum.