The Leafs are one of 20 NHL teams who are involved in a massive lawsuit
The NHL, along with 20 NHL teams including the Leafs, are suing several insurance companies for policies not paid out for loss of revenue. The NHL claims it's losses are in the billions and that they should be covered under their insurance.
Rick Westhead of TSN, the same reporter who brought the Kyle Beach story to light, reported today that the list of insurers includes Factory Mutual, the Cincinnati insurance company, Starr Surplus Lines Insurance company, Lexington insurance Company and Federal insurance company.
The NHL claims that these companies had insured them against the «massive losses» they've incurred since the start of the pandemic. The insurers, obviously, argue that the wording in the agreements doesn't specifically cover pandemics.
For the finer details I've linked Rick's story below. My question here is what happens with the insurance money if they manage to get it?
The players had to agree to a flat cap to «pay the owners back» their share of hockey related revenue. If the NHL manages to recover their losses, will the money count towards HRR? If so, the salary cap could jump significantly.
If not, the players should be absolutely livid. They've taken a pay cut to reimburse the owners. If the owners get that money back, it's only right they share it with the players. I know nobody likes to hear about millionaires complaining about money, but you know what's worse? Billionaires clinging to every cent they can.
Keep in mind, a lot of players in the NHL make less than a million dollars a year, and many have their careers ended early by injury. That money matters to them.
This is obviously an ongoing story, and it could be years until the dust settles on this legal battle. I am very interested, however, to see how this all shakes out between the NHL owners and players once it does. We'll keep an eye on this story as it develops.
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