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Reviewing the Canadiens’ Finances
by Alanah McGinley on 04/09/08 at 05:47 PM ET
Comments (4)
From Mike Boone at The Gazette,
Despite selling out every home game this season, the Canadiens say they didn’t make any money. Team president Pierre Boivin told La Presse the club’s playoff participation, which begins tomorrow night against the Boston Bruins at the Bell Centre, will allow the team to make a profit on the 2007-08 season.
Boivin would not reveal specific numbers. He doesn’t have to; the Canadiens are part of a privately held company owned by George Gillett and Molson Coors.
But even without access to the club’s allegedly red-ink-drenched books, I am skeptical of its purportedly precarious break-even financial position.
more... *a breakdown by Boone estimating the possible profits of the Habs
*hat-tip to Habs Inside/Out for the pointer
Filed in: NHL Teams, Montreal Canadiens, NHL Talk, NHL Business of Hockey | KK Hockey | Permalink
Comments
Does anyone really expect an NHL team to be forthcoming about their finances? They’ve plead poverty for so long that it’s now a reflex reaction.
That Boivin said that the Canadiens needed the playoff to turn a profit with a straight face shouldn’t surprise anyone anymore.
It’s BS, of course, and the NHLPA also knows its BS. The team owners are just doing what they always do, trying to garner fan sympathy by painting the players as the bad guys.
Only problem is, this is the “owners CBA”, so their lies are gonna have to be more creative when they try to claim next time around that this CBA doesn’t work and they need “cost certainty”.
Posted by Lyle Richardson from Charlottetown, PEI, Canada on 04/10/08 at 06:40 AM ET
I refuse to believe the Canadians of all teams did not make any money. Their arena holds 21,000 and they sell out every game. Everyone in that city lives and dies by the Habs. Even if they maxed out their salary cap this year, the Canadian dollar is now stronger than the American. This was always a point of argument for Candian teams losing money. No way, the Canadians make money and lots of it.
Posted by Pens Fan on 04/10/08 at 10:59 AM ET
Pens Fan Very good point. The Canadian dollar went up in value by something like 25 cents vs. the US dollar. That is like reducing the payroll by 35-40% right there. (ballpark)
Posted by Laker from Williams Lake BC on 04/10/08 at 11:03 AM ET
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All the teams seem to claim they aren’t making money in all sports.
Something is up though, cause there always seems to be some other rich dude to buy a team when it goes up for sale.
Barring the rich smucks being willing to lose money to stroke their ego’s I gotta think they are doing it because it’s a good business.
Posted by Laker from Williams Lake BC on 04/09/08 at 06:35 PM ET