NEW YORK - Former U.S. Securities & Exchange Commission Chair Arthur Levitt warned today that the National Hockey League's losses of $273 million on revenues of $1.996 billion, sustained during the 2002-03 season, threaten the viability of the League.
The 24 page study (plus 11 exhibits) reveals that 19 of the League's 30 teams had operating losses in 2002-2003 averaging $18 million and that only 11 teams were profitable averaging $6.4 million in profits.
[NHL Press Release]
[AP/ESPN Story - Union immediately challenges results]
[Canada.com - Players' association disputes NHL losses, wants market to decide salaries]
[Audio of Levitt press conference 12-Feb]
[Full PDF Report- Independent Review of The Combined Financial Results of the National Hockey League 2002-2003 Season]
[NHL Players Association - Bob Goodenow comments on league report - (it's bunk)]
[NY Times 13-Feb-04 - N.H.L.'s Financial Analysis Reveals Significant Losses]
Thursday, February 12, 2004