Oct 19, 2012, 5:13 PM EDT
Even though the lockout is still in full force, the players will get some money from the owners by the end of the month, according to TSN’s Bob McKenzie. The players are still owed escrow checks for their services last season.
McKenzie estimates that 8.5% was withheld from every player’s contract last season to go in the escrow fund. Escrow is a tool used under the previous CBA to guarantee that the players got a 57% share of hockey-related revenues — no more, no less.
It has been determined that the players will now be paid back 7.98% of their annual contract’s value. In other words, they’re going to end up making something like 99.48% of what they signed for. So if you thought a player made $1 million last season, the truth is he actually made closer to $994,800.
Still, the fact that they’re getting this money in the middle of a lockout might help players who are starting to notice the missed paychecks. If it wasn’t for the lockout, they would have gotten paid on Oct. 15 and again at the end of the month, according to the USA Today.
Even if this was money they were owed anyways, it must help psychologically to get a check at a time like this.
NHLPA boss Donald Fehr issued a memo to players regarding their escrow checks and advised them to conserve their financial resources in light of the current bargaining situation.
The percentage of the contract that players actually make varies from year-to-year. Sometimes they make far less than what they signed for, but they’ve also made 104% one year, according to McKenzie.
This is all very dry, but it’s still worth keeping in mind because escrow is likely to be a big part of the next CBA and how it’s handled is something that the players and owners have spent a lot of time talking about.
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