Forbes slams Levitt report
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11-12-2004, 09:42 AM
Join Date: Nov 2004
Originally Posted by
If there was to be revenues linked to salaries these things would have to be worked out in advance, in any CBA. The NHLPA would require much more transparency and access to the books. That much is a given.
Based on what? Even Forbes found they lost $98m and Forbes may be much more generous about what is hockey revenue than others. They pretty much implied that. Also note that $98m lost was before interest, taxes, depreciation and amortization. The players are going to have to account for those extras as well as the $98m. Loans don't just pay the interest on themselves.
Not that much. Most of this stuff isn't that different from last years Forbes report (the one comparable to the Levitt report on time scale). I think Forbes had $124m last year in loses compared to this years $98m. Owners laughed that one off.
According to Forbes 17 team lost money and 6 teams made $2.3m or less. 17 before interest, taxes, depreciation and amortization, how many after? At least 23 would be my guess based on Forbes numbers, probably more. But perhaps the NHLPA consider only 23 going backwards a success.
Still at the least this should produce an interesting reply from the NHL. Been boringly quiet from both sides for the last little while.
One of the things that these do not include is the money these teams are making on the Bond and money markets, Dave Cobb here in Vancouver made a killing on these markets and is widely respected in the Finance industry because of it. You think that Vancouver is the only one using this stratagy? I bet if you include these sources of revenue the number of teams losing money actually drops.
Speaking of intrest did you know that the Flyers are paying 100% of the 100 million dollar debt servicing on the Wachovia Center, the 76's don't pay a dime of that.
I agree with you though, are the NHL going waste time on the media spin or get back to the table, guess it depends on the media and how much attention this gets.
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