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"Waiting Another Year" A Discussion Regarding The Nhl Lockout Resulting In The Cancellation Of The 2004 2005 Season.

859 words - 3 pages

The expiration of the 1993-1994 collective bargaining agreement between the NHL player's union and the owners combined with the inability to negotiate a new deal resulted in the lockout of NHL athletes and the cancellation of the entire 2004-2005 season. A major problem for the league at the time was the revenue side of the income statement, which led to owners pushing for a salary cap. Other problems in negotiations (that were finally settled on July 13, 2005) included a payroll tax, revenue sharing, arbitration, and free agency (Fitzpatrick). To examine the lockout, we can discuss the issue of revenue and the disagreements stemming from it. Finally, we can see how the results of the lockout show that the owners obtained a major victory from the lockout.Since revenue loss was such a huge part of the disagreements, the NHL hired Arthur Levitt to analyze the league's finances. Levitt (who was paid by the owners to do the study) concluded that the league lost $273 million in 2002-03 while spending 76% of its revenues on player salaries. Forbes examined the same study and determined the loss was $123 million and that the league spent 66% of revenue on salaries (Staudohar). This convinced the players that they could not trust the owner's method of reporting revenue. However, the owners were convinced they were spending too much money on salaries. The tables show how the salaries were increasing every year and that the NHL was spending the most revenue (compared to the other three major sports) on salaries.Because of the evidence mentioned above, the owners wanted "cost certainty," or a "rational and enforceable relationship between revenues and player salaries" (Fitzpatrick). This can be translated to a salary cap-the main argument that caused the cancellation of the season. The players thought the free market should determine their salaries, not a cap. They wanted a payroll tax similar to that used in MLB. In the end, the owners got what they wanted. The salary cap was set at a minimum of $21.5 million and a maximum of $39 million. The league's total spending on salaries cannot exceed 54% of revenues (with the percentage increasing or decreasing as revenue rises or falls). No individual player could account for more than 20% of the team's salary. Also, the minimum salary was raised from $185,000 to $450,000. The main impacts of this were that the owners achieved cost certainty and smaller market teams would be able to compete with large market teams more easily. Besides the regular salary cap, a rookie cap $850,000 was put into place. This part of the deal...

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