Kukla's Korner

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What To Do With The Money

from Rick Westhead of the Toronto Star,
In the years leading up to the 2004-05 lockout, the union set about establishing a war chest, banking licensing and merchandise payments instead of paying it out to players. But just how much the union has stashed away has shocked many in the sports industry. According to drafts of NHLPA financial statements obtained by the Star, the players association on June 30, 2005 boasted cash deposits of roughly $140 million (all figures U.S.). It had a further $27 million worth of long-term investments at the time. It's possible that those figures could change once the union completes its long-overdue audited financial statements, but one union source said the union's cash position is relatively unchanged. Now that the NHL and its players union are so-called partners in the restyled sport, the NHLPA should return much of that money. That's the contention of at least one current NHL player and two recent retirees.
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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.

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