- The Washington Times - Wednesday, September 15, 2004

THE WASHINGTON TIMES

The Washington Capitals are among the NHL teams that might lose less money by not playing.

In an “Owner’s Corner” column to fans on the team Web site yesterday, Caps owner Ted Leonsis said he “estimated and planned to lose $15million per year for five years, or $75million, before a new CBA would be in place. We lost much more than that. I’m careful not to give the perception that I’m blaming the players because I’m not; they operated within the framework of the CBA. …

“We lost more than $100million during the five years we have owned the Capitals. This clearly is not a sustainable business model and one that we are committed to righting as soon as possible.”

He went on to point out one of the problems driving the league deep into the red: “In our best year we generated $24million from ticket sales, and at one point had a $57million payroll. Like many teams in the NHL, we grew revenues but we grew payroll much faster.”

“No one likes losing money and no one wants the league to miss games. But this stark fact remains: The Caps will lose less money by not playing.”

Dave Fay

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