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Drive-By Body Pierce

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    Bally Sports Bankruptcy Can Affect the Salary Cap

    in General Hockey Discussion

    Posted · Edited by Drive-By Body Pierce

    HEADLINES

     

    ESPN.COM: The owner of Bally Sports regional networks skipped $140 million in interest payments due Wednesday, starting a 30-day grace period that could be the prelude to a bankruptcy filing.

     

    Bally is owned by Diamond Sports Group, a subsidiary of Sinclair Broadcast Group Inc. It provides regional coverage to 12 NHL teams.

     

    SPECTOR’S NOTE: Those 12 NHL teams are the Los Angeles Kings, Anaheim Ducks, Arizona Coyotes, Dallas Stars, St. Louis Blues, Minnesota Wild, Detroit Red Wings, Columbus Blue Jackets, Nashville Predators, Carolina Hurricanes, Tampa Bay Lightning and Florida Panthers.

     

    The Athletic’s Michael Russo tweeted yesterday that the NHL Board of Governors held an impromptu conference call to discuss the situation. No word yet from the league regarding the outcome of those talks.

     

    This isn’t expected to affect regional coverage for the remainder of this season as the rights for those games were already paid before the start of the season. However, it will be a problem for next season and beyond if the league is left scrambling to find a replacement for Bally.

     

    This won’t affect the salary cap for 2023-24 as that’s based on hockey-related revenue earned this season. However, it could have a substantial impact on the cap for 2024-25.

     

    The salary cap is projected to increase by just $1 million for next season as the players still have to pay back the remainder of their escrow debt to the owners arising from the shortened seasons due to the pandemic. There is speculation suggesting the league and NHLPA perhaps reaching an agreement to increase it by up to five percent.

     

    For 2024-25, the salary cap is forecast to jump to between $3.5 million and $4 million, rising to between $87.5 million and $88 million for 2024-25. It is also projected to rise by $4 million in 2025-26 to $92 million. However, the potential hit to hockey-related revenue from losing Bally’s regional coverage could adversely affect those projections.

     

     

    https://www.spectorshockey.net/2023/02/nhl-morning-coffee-headlines-february-16-2023/

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