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Rising player salaries mostly to blame

Updated: September 19, 2003, 2:29 PM ET
Associated Press

NEW YORK -- NHL teams posted record losses of nearly $300 million last season, according to figures distributed to owners this summer.

That was an increase of 35 percent from the $218 million in operating losses incurred by the league last year.

The losses are blamed on soaring player salaries. Without a salary cap, the NHL spent 76 percent of $1.93 billion in revenue on players salaries and benefits. That is a greater percentage than in the NBA, NFL or major league baseball.

"This ...

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