Aug 16, 2013, 5:36 PM EDT
For those who haven’t had their fill of Eugene Melnyk today, here’s a lengthy Ottawa Citizen article on the embattled Senators owner, who claims he’s lost almost $100 million on the team since buying it in 2003.
How much are the Senators costing him? It’s impossible to be definitive because, despite its high public profile, the team is a private company. Not only that, the NHL regularly warns the 30 franchise owners not to divulge details about their operations. Nevertheless, Melnyk and two of his long serving senior executives — Leeder and chief financial officer Erin Crowe — offered some insight into the team’s finances.
On Melnynk’s decade-long watch, they say, the team has generated a grand total of just $6 million on operations — that is, total revenues minus the costs associated with paying and moving the players, advertising and managing the arena. After subtracting items unrelated to operations — such as interest on the team’s debt and capital expenditures to keep the arena up-to-date — Melnyk has had to absorb cumulative cash losses of $94 million. In short, he is losing an average of $9 million to $10 million a year. And this excludes the additional interest and fees related to the debt extensions.
There’s more in the story, which is well worth a read.
Related: More bad news for Sens owner Melnyk
- Comeback fit for a King: Lundqvist, Rangers even series in Game 4 20
- WATCH LIVE: Rangers at Lightning, Game 4 of Eastern Conference Final 6
- Fetisov wants to restrict young Russians from playing in the NHL 47
- All eyes on Lundqvist 11
- Quenneville opted for ‘fresh legs’ by inserting Nordstrom, Versteeg into lineup 12
- Video: Ducks hold off Blackhawks in Game 3 to take series lead 30
- (Video) PHT Extra: On Babcock, sticking to the process and housebuilding analogies 3
- Babcock predicts ‘pain’ for Leafs, who are a ‘massive, massive challenge’ 39
- Babcock wants to ‘put Canada’s team back on the map’ 48
- Flyers won’t trade Del Zotto, but ‘something will have to give’ on crowded blue line 26
- Reports: Sabres thought they had a deal with Babcock, aren’t happy (172)
- Leafs land Babcock with reported 8-year deal, estimated at $50 million (130)
- Russia to be punished for ‘completely out of order’ actions after Worlds final loss to Canada (91)
- Report: Sabres negotiating with Babcock (82)
- What’s wrong with Lundqvist? (70)