Back at the beginning of last month, I wrote that the NHL's owners and players seemed committed to a murder-suicide that meant the death of hockey in America. ("There is No Joy in Hockeytown," Feb. 8). Sure enough, in the weeks that followed, the NHL became the first of the big four sports leagues ever to cancel an entire season due to a labor dispute.
Despite the irreparable damage both parties must have known they would inflict on their league, neither side was willing to compromise on the issue of a salary cap. The result is that arenas will sit empty, Lord Stanley's Cup will collect dust and the zambonis will idle silently until the players and owners have some good sense hip-checked into them.
The prospects for that don't look good, either. More and more of the game's best players have been leaving to play for European teams. At the same time, owners have vowed that there will be hockey next season whether they reach a deal with the union or not -- the threat is that the teams will hire replacements, and I cannot think of a less appealing idea than a season of scab hockey.
And in the meantime, hockey continues to hemorrhage money. ESPN estimates that the NHL has lost over $500 million during the past two years -- more than 10 percent of the league's net worth. So, if anyone ever does get around to protecting the NHL from itself, there may not be much left to save. Which is why it's surprising that anyone is still interested in trying. But in fact, at least two firms are interested -- to the tune of $3.5 billion.
Investment firm Bain Capital Partners LLC and sports advisory firm Game Plan LLC have made an offer to the NHL's 30 team owners to buy the whole league for $3.5 billion. The NHL would then be run like a single corporation, with each of the 30 teams being operated as an independent division.
The idea does have some attractive qualities. Scott Burnside of ESPN.com speculates that, "A single entity ownership would, in theory, be able to rectify the poor management by various teams and the league as a whole and prevent fractured labor relations." Plus, it would be simple for the league to simply shut down the perennially red-ink teams in cities like Nashville and Atlanta, and thus contract the NHL to a sustainable size.
That said, the deal will never be done. First, while I suspect that at least two-thirds of the team owners -- the ones who view their teams as just another investment in the portfolio -- would jump at the chance to make a quick buck from the sale, other owners like Mike Ilitch in Detroit and Lou Lamoriello in New Jersey, who care about the game, their cities and the histories of their teams, will never agree to sell out. Second, with teams ranging in value from $266 million for the Detroit Red Wings to $86 million for the Edmonton Oilers, the likelihood of owners agreeing to an equitable 30-way split seems essentially nil.
Besides, I'm not sure how comfortable I'd feel having great, historic franchises like Detroit and Toronto managed by an umbrella group that saw no distinction between their interests and those of afterthought teams in places like Phoenix and Miami.
But the massive buyout idea does leave me with a thin glimmer of hope. If the NHL continues in its tailspin, and other options for survival are pulled off the table, I would approve of a buyout in a slightly altered form. Because I can think of one entity that would have the money to purchase the NHL, and that I would trust to take good care of hockey.
I speak, of course, of Canada. The government of Canada could buy the NHL, rename it the North American Hockey League (which is what it really is, anyway) and reopen its doors. While I wouldn't trust Canada to run my health care plan, I would trust a country in which hockey is a quasi-religion to take care of my beloved sport.
Money shouldn't be an obstacle. I bet you could take a poll in Canada tomorrow asking "Would you support spending $4 billion ($5 billion Canadian) to save professional hockey?" and it would pass 80-20. Better yet, I am sure that Canada would both look after hockey's historic teams, and have no scruples about giving the axe to the new deadweight teams that have recently been dragging the league down. The sad thing is, a few months ago, an idea like that would have seemed like a great joke to me. Now, it's not so funny -- because I'm not so sure it's a joke.
Just an idea, Canada. Just an idea. Think about it, though. Okay?
