Jean Beliveau
Registered User
- Jul 5, 2004
- 282
- 0
I just tought that it might be a good idea to look at this report one more time and realize that if this report is accurate (and I believe that it is) Bob Goodenow and his PA cronies have lost us 1 year or more of hockey as well as losing themselves over 1 billion dollars. was it for pride only?
http://nhl.speedera.net/images/levittreport.pdf
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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 warning is contained in an independent study of NHL finances, conducted by Mr. Levitt and released publicly today. The report was submitted to the NHL's Board of Governors, February 7.
Levitt's report, following an intensive 10-month study, was compiled with the assistance of former SEC Chief Accountant, Lynn Turner as well as Eisner LLP an accounting firm nonconflicted by any other professional hockey clients.
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.
"On the basis of our examination, I believe that all elements of revenue and expenses reported by the teams, League and affiliated entities have been appropriately accounted for and reflect an accurate picture of the League's condition."
"I am satisfied," said Levitt, "after more than 2000 hours of analysis, interviews, club visits and benchmarking verifications that the present business model of the National Hockey League is not economically viable.
Player costs of 75% of revenue clearly diminish any possibility of restoring a feasible business model."
Mr. Levitt's report included a comprehensive review of all 30 teams in the League. The review included audits of the NHL's member teams, including supplementary audits of their reports to the NHL as well as an extensive benchmarking study of revenues and expenses reported to the NHL by its member teams. In addition, as he deemed necessary, Mr. Levitt also had additional auditing procedures performed by members of the team he assembled to perform the review, including the independent accounting firm of Eisner LLP, and Mr. Lynn Turner.
http://nhl.speedera.net/images/levittreport.pdf
--------------------------------------------------------------------------------
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 warning is contained in an independent study of NHL finances, conducted by Mr. Levitt and released publicly today. The report was submitted to the NHL's Board of Governors, February 7.
Levitt's report, following an intensive 10-month study, was compiled with the assistance of former SEC Chief Accountant, Lynn Turner as well as Eisner LLP an accounting firm nonconflicted by any other professional hockey clients.
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.
"On the basis of our examination, I believe that all elements of revenue and expenses reported by the teams, League and affiliated entities have been appropriately accounted for and reflect an accurate picture of the League's condition."
"I am satisfied," said Levitt, "after more than 2000 hours of analysis, interviews, club visits and benchmarking verifications that the present business model of the National Hockey League is not economically viable.
Player costs of 75% of revenue clearly diminish any possibility of restoring a feasible business model."
Mr. Levitt's report included a comprehensive review of all 30 teams in the League. The review included audits of the NHL's member teams, including supplementary audits of their reports to the NHL as well as an extensive benchmarking study of revenues and expenses reported to the NHL by its member teams. In addition, as he deemed necessary, Mr. Levitt also had additional auditing procedures performed by members of the team he assembled to perform the review, including the independent accounting firm of Eisner LLP, and Mr. Lynn Turner.
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