Kukla's Korner Hockey
Entries with the tag: escrow
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.