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October 25, 2010
The Hockey News has been providing the most comprehensive coverage of the world of hockey since 1947. In each issue, you'll find news, features and opinions about the NHL and leagues across North America and the world.
EASY COME, EASY GO?
TO THE ORDINARY JOE, an NHLer’s yearly salary would be like a lottery windfall, which is why it’s so difficult for fans to relate to players whenever finances are discussed. But whether or not fans want to hear it, the riches earned by elite players can disappear as quickly as they arrive. To prevent that from happening, high-end money managers who deal with NHLers – and in one case, who was an NHLer – identify five key financial decisions players make that can lead to future distress: Mistake 1: Allow All Those Zeros To Warp Your Sense Of Reality The first time an NHL player lays his eyes on a biweekly check and sees upwards of five figures, there’s a temptation to throw it at whatever personal interests or vices he might have. Wrong…
Buffalo
FOR SABRES managing partner Larry Quinn, the potential rebirth of Buffalo is under his control. Quinn is vice chairman of the Erie Canal Harbor Development Corp. and head of the Canal Side Development Committee, which is charged with creating a vibrant neighborhood at the site of demolished Memorial Auditorium. It’s going to cost $315 million in public and private funds, but Quinn and his group plan to convert the desolate 20-acre plot into an area filled with stores, entertainment venues and museums. A Buffalo native, Quinn estimates the tourist-driven project will bring in $189 million in tax revenue in 20 years.…
Pittsburgh
MIKE RUPP arrived at Penguins camp high from a charity trip to Haiti – and also a bit disappointed. “I swear that all of my best ideas go to waste,” Rupp joked after hearing that Tim Horton’s was using stands at the new Consol Energy Center to test for possible expansion into the Pittsburgh market. Rupp, who joined the Penguins in July 2009, is an unabashed fan of Tim Horton’s coffee. He’s so fond of the product that he tried to sell his wife on opening a franchise or two in Erie, Pa., where they live during the off-season. Perhaps it’s not too late for Rupp to own in Pittsburgh. Sidney Crosby has a Tim Horton’s endorsement deal.…
THE BEST BANG FOR THE BUCK
TRYING TO NAME the NHL’s all-bargain team is trickier than it looks because it’s never an apples-to-oranges comparison. The CBA puts players into two distinct salary categories – those on entry level deals and everybody else. Entry level limits a player’s compensation in his first three years, although at the highest end, a precocious few can essentially quadruple their take-home pay, if they do enough on the ice. Last year, Jonathan Toews famously cashed in a major bonus – and significantly upped the Chicago Blackhawks’ salary cap issues – by winning the Conn Smythe trophy, an award that pushed him into a higher bonus territory. Getting value for the dollar is a particularly vexing issue on NHL defense corps, where the highest-paid defensemen in the game, with the exception of Zdeno Chara…
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