The NHL is "assessing each of its teams" $10M for the
"war chest" Commissioner Gary Bettman "wants as financial
protection against a possible lockout or strike" when the
CBA expires in 2004, according to Barry Bloom of BLOOMBERG
NEWS, who reported that the fund will total $300M, including
payments from the expansion Blue Jackets and Wild. Though
the NHL "confirmed the arrangement and declined to comment
on it," Bloom noted that Bettman was "given owners'
approval" for the fund in December and the league is
"requiring teams to make their contribution" by April 15,
2003. Bloom added that the NHLPA has "saved" $100M in
licensing money "in preparation for labor problems, and
expects to increase the fund" by $20M a year. In '94, the
NHLPA "had a [$40M] lockout fund," and "used it to pay
players who were losing salaries" (BLOOMBERG NEWS, 11/13).
FINDING A SOLUTION? In Atlanta, Jeff Schultz wrote,
"The NHL has a problem: the perception, accurate or not,
[is] that the league's immediate future is shaky enough that
those who own stock in a franchise's corporate owner want
out." Schultz noted that the fact that the Panthers and
Mighty Ducks "would be on the market at the same time" is as
"ironic as it must be disturbing" to Bettman, considering
both franchises entered the league in '93 (ATLANTA
CONSTITUTION, 11/14). In San Jose, Victor Chi noted that
Wayne Huizenga "let it be known last week that he wants to
unload" the Panthers at the same time that Bettman told a
finance conference that the NHL is "probably the best buy in
sports teams right now because we have the upside
appreciation." Chi: "Revenues are up, as Bettman cited.
Salaries are up, as Huizenga cited. But nobody seems to be
happy" (SAN JOSE MERCURY NEWS, 11/14).
