Kukla's Korner Hockey
by Paul on 11/10/06 at 11:57 AM ET
Hockey teams are worth more today than before the new collective bargaining agreement (CBA) because player salaries have gone down to 54% of league revenue from 66%. Fixed player costs bring greater certainty to the bottom line, which in turn means buyers will pay a higher multiple of revenue to acquire a franchise. The average hockey team is now worth $180 million and makes an operating profit (in the sense of earnings before interest, taxes, depreciation and amortization) of $4.2 million. During the 2003-2004 season,much, much more...
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