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SHARKS REFUTE FINANCIAL WORLD STORY
Published February 6, 1995
Although the latest issue of FINANCIAL WORLD estimates that the Sharks posted an operating profit of $15M last year, team President Art Savage said the figure was closer to $4M. FW claimed "hockey owners wanted a new contract with the players in place before it became apparent just how much money teams were collecting from a new generation of arenas that began operating in San Jose and Anaheim." In its February 14 issue, FW reported that revenue from new arenas, a TV deal, and long-term marketing agreements helped determine the league's strategy because NHL execs "knew that the longer the negotiations dragged on, the more apparent the league's imminent prosperity would become." Savage said FW has both the "team's earning's and the owners' strategy wrong." Savage: "It's is unfortunate (the author) doesn't have the slightest idea what he is talking about and he is able to publish it in a publication that's fairly well respected." The SAN JOSE MERCURY NEWS estimates the Sharks made about $10M last year, which Savage also disputes. Savage said his figure of $4M, "based on audited statements he would not release, is inflated" because it does not include $2.5M in signing bonuses (Barry Witt, SAN JOSE MERCURY NEWS, 2/4). FW also reported the Sharks are developing a movie script, educational software, video games, and a coffe-table book. Writes FW's Jason Starr, "Since the Sharks are developing these projects themselves, they will probably have to pay only a royalty to the league -- about 8% to 10% of the product's wholesale price for use of the NHL logos -- and keep the rest" (FW, 2/14 issue).