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01-08-2013, 09:23 PM
Join Date: Jun 2006
Originally Posted by
True, right before Melnyk's divorce our payroll was as high as it had ever been.
But then the cap went up substantially, Melnyk got divorced and ran into trouble with the law, and the product on the ice didn't pay off in playoff success.
Melnyk will spend when the time is right, as I recall he was willing to take on the Nash contract recently.
However he is on the record, as is Murray, stating they won't sign big contract players unless they believe it will significantly advance the rebuilding process.
IMO you really should refrain from using Melnyk's personal problems to support your notion the Sens weren't able to keep up financially under the old CBA.
It is fairly safe to assume you know nothing about his financial state post his divorce, simply because a court in Barbados has sealed the divorce file and banned publication of any of its details without the court's permission.
Given that Melnyk appears to still be in control of Bert's Bar, the Ottawa Senators, and Winding Oaks Farm, it might be safe to say he had a prenup that offered him significant financial protection.
Personally I think Melnyk finally listened to Murray's advice. Spending to the cap doesn't guarantee a winner, good drafting, development and judicious signings are the key to long term success.
This approach has not only provided for a more exciting, youth filled and successful team on the ice, it also netted Melnyk $14M before taxes last year.
PS Melnyk wasn't in trouble with the law, the U.S. securities regulator (SEC) and the Ontario Securities Commission (OSC) brought a case against Biovail over its accounting practices, the company paid $15.4M and Melynk paid $1M to settle the complaint.
In settling with the SEC, Biovail, Canada's largest publicly traded pharmaceutical company, did not admit to any wrongdoing and agreed to have an independent consultant examine its accounting and related functions.
I seriously doubt this amount cause Melnyk or Biovail a great deal of financial stress.
Last edited by Holdurbreathe: 01-08-2013 at
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