Kukla's Korner Hockey
Entries with the tag: escrow
Among the New York Post's Larry Brooks' notes:
*So who in the world made the decision for the NHL Network to cut away from its cut-in to the Panthers-Canucks game on Monday just as the postgame hijinks at the Florida were getting interesting?
By the way, Jaromir Jagr nailed it when the Panthers were 8-8-3 on Nov. 20 and he said: “I thought we would have a better record, for sure.” Since then, the Puddy Tats (No offense, Denis, I’m having a peanut butter sandwich) have gone 18-5-3.
* Parity or parody? Through Thursday, 15 of the NHL’s 30 teams had won between 20 and 23 games, making each an honorary member of the NFC East.
*If the Canadian dollar continues its descent toward 60 cents on the U.S. buck, and thus increases the likelihood of escrow climbing over 20 percent next season, is anyone going to be surprised if the NHLPA does not exercise its 5 percent salary-cap bump, and could anyone really hold it against membership?
If teams are not planning on a decline in the 2016-17 cap — or at best, a flat $71.4 million — they would be making a significant mistake.
Brooks continues, discussing the Islanders' potential to become a playoff contender with the right moves, the John Scott deal, and, well, more Islanders stuff.
From TSN's Frank Seravalli:
With early revenue projections in place, the NHL and NHLPA set the escrow withholding rate for players at 16 per cent for the first quarter of the season on Thursday.
That means every player will have 16 per cent of earnings deducted from their paycheque and put aside until after all of this season’s hockey-related revenue is counted to ensure a perfect 50-50 revenue split with owners.
“Escrow” is the dirtiest word in hockey locker rooms.
NHL commissioner Gary Bettman said earlier this month the league is projected to pull in more than $4 billion in revenue, but he was not comfortable divulging a more specific estimate publicly.
Players will receive their first of 13 paycheques for the season on Oct. 15. They will also each pay $30 per day in NHLPA union dues, according to Gavin Management Group, for each day on an NHL roster - or $5,580 per full season with 186 working days.
Based on past returns, it is unlikely the players will receive that escrow money back in full. Since 2009-10, players have given a chunk of their escrow fund to the owners every season, resulting in what amounts to a pay cut.
The health of Steven Stamkos was the first topic discussed by the Hotstove panel made up of Glenn Healy, Elliotte Friedman and Nick Kypreos.
Up next was Ryan Callahan and Kypreos is saying Sather is trying to generate interest from other teams but one Western Conference team says Callahan is asking for too much.
The Canadian dollar and escrow was the next topic. Healy says with the Canadian dollar dropping will mean the players will be giving more money to escrow.
You can watch the video below:
Updated with a "conflicting report" at 10:16 PM: Ouch, per TSN's Bob McKenzie:
The drop in the salary cap from $70.2 million to $64.3 million should ensure that the players get some of their money back--the New York Post's Larry Brooks reported that the players paid 16.26 percent of their 48-game-averaged salaries back to the league last year--but everybody knew going in that the reduction in the players' share (from 57-and-change percent to 50 percent of revenues) would be clawed out of the players' paychecks in escrow payments.
And while we're at it...
From Mark Spector at Sportsnet.ca:
NHL players have been warned by their association that its escrow hold-back could be increased in the new year.
Currently, the NHL holds back 13.5 per cent of players’ paychecks. That money is available to the league at the end of the year in case NHL revenue projections are not met. The procedure was included as part of the most recent collective agreement so that players take home only their negotiated 56 per cent share of NHL revenues. Players have received back all of their escrow monies the past three seasons.