NHL Commissioner Gary Bettman said the escrow debt owed to the league by NHL players could be paid off in full by the end of the season, which could reduce next season’s salary cap to at least $4 million. It could go up, NHL Commissioner Gary Bettman told reporters after the January 2019 board meeting. New York on Tuesday.
The salary cap for this season is $82.5 million, $1 million more than the previous three seasons.
“We think there is a good chance that escrow will be paid out this season,” Bettmann said. “Maybe not, but I think it’s close. That means flat caps will be replaced by bigger increases. Earnings are pretty vibrant. We’re probably going to put $5.4 billion in [hockey-related revenues] This past season has actually made about $500 million more than we predicted when we kicked things off a year ago. I’m fine. ”
If the escrow debt is not paid off by the end of the current season, the salary cap will rise by $1 million next season, instead increasing significantly heading into the 2024-25 season when the debt is fully paid off.
The salary cap has been thought to be flat after the 2020-21 season. This is because players are repaying escrow balances accrued during the 2019-20 season, which has been suspended due to the coronavirus pandemic.
During the suspension, hockey-related revenues have leveled off, but players are still being paid, giving players a 50% or greater share of the HRR allocated under the terms of the NHL/NHLPA collective bargaining agreements. I was.
Instead of paying off the debt all at once, the NHL spread it out with the idea of paying it off over a few years. Initial projections were for the debt to be paid off after the 2023-24 season.
“Business is doing well and we expect to pay it off this year,” Bettmann said. “If you miss it, it will be next year because it’s close.”
Additionally, Deputy Commissioner Bill Daly confirmed that the target for the next World Cup of Hockey remains February 2024.
However, Daly said there would be opposition to Russia’s participation from other European countries playing in the tournament if the war in Ukraine caused by Russia’s aggression remained ongoing at the time of the tournament.
“It’s obviously important and we take it into consideration in relation to our decision-making,” Daly said.
Daily also said the NHL is considering allowing Russian players to participate in tournaments, but that’s not something European countries are interested in.
“Based on what I understand to be concerned, I don’t see that as a solution for other European countries that want to participate,” Daley said.
Commissioner Bettmann said the NHL must be able to resolve issues related to plans for a World Cup in the near future or risk delaying renewal of a tournament that has not been played since 2016.
Daley added that the NHL is waiting to hear from the International Ice Hockey Federation on issues surrounding the World Cup, but said the league and the NHLPA could hold tournaments without IIHF approval or participation.
“Historically, our World Cup and Canada Cup have really been run by individual federations, not through the IIHF. We envisioned having a much broader partnership than we did, and if possible we would like to take it further, but if we can’t, we can.”
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