Voters in Nassau County, Long Island, rejected a referendum that could have paved the way for a new hockey arena to replace the Nassau Veterans Memorial Coliseum, the current home of the New York Islanders. The referendum failed 57-to-42 percent in a vote held Monday.

In order to fund the construction of a new arena, a ballpark for a new independent minor league team and other Nassau projects, the county would have to borrow $400 million. Frank Boulton, the owner of the Independent League's Long Island Ducks, has expressed interest in starting a new baseball franchise.

The result of the special election held Monday left the future of the Islanders and their current home uncertain. Team owner Charles Wang said before the election that he may ultimately move the Islanders off Long Island. The Islanders' current lease expires in 2015.

Follow Matthew Rocco on Twitter at