REPORT STATES MESSIER DEAL INCLUDES "PHANTOM SHARES" IN TEAM

          Canucks C Mark Messier has "an unusual contract
     package," according to Alan Adams of the NATIONAL POST, who
     reports that sources say that Messier owns "phantom shares"
     in the team.  But Adams writes that Messier does not "own
     any actual shares and therefore, is not an owner and not in
     violation" of the CBA.  Messier was reportedly allowed to
     take his deferred salary -- a total of US$3M -- and invest
     it into the team as if he was buying a part of the
     franchise.  Sources say the Canucks were worth US$50M when
     this deal was made and Messier's "phantom stock is
     equivalent" to 5% of the team's worth.  Messier is
     guaranteed "at least" a 6% return on his investment, and he
     "could do better if the Canucks are worth more when he
     cashes in this stock."  Messier's contract was "discussed
     internally by league lawyers, who determined this
     arrangement is not improper" (NATIONAL POST, 11/16).