Chicago Blackhawks owners had to pay defenseman Seth Jones $570,000
Photo credit: The Columbus Dispatch
NHL players to receive significant escrow refunds in financial windfall
In a notable financial development for NHL players, the league is poised to distribute a significant amount of money back to athletes who held contracts during the 2023-24 season.
This refund, originating from an escrow arrangement, is particularly beneficial for those with substantial contracts, such as Seth Jones of the Chicago Blackhawks, who commands a salary of $9.5 million annually.
Jones, among others, stands to gain considerably, with an additional $570,000 incentive from the NHL, due to previously unpaid escrow amounts. This adjustment comes as a fiscal relief for many players who have contributed to the escrow fund without prior reimbursements.
« Good news: #NHL players are on track to potentially have all 6 percent of their salary returned that was withheld in escrow this season. In fact, depending on final accounting, they could even be in line for a "top up" payment. »
This was highlighted by NHL reporter Frank Seravalli, pointing towards a hopeful financial recalibration for the players.
Marty Walsh, the executive director of the NHL Players' Association, also commented on the situation during a press event before Game 1 of the Stanley Cup Final:
« I think right now we're close,» Walsh said. «I mean, I'm not sure because we don't have the final numbers obviously, but you know, it certainly looks very promising � compared to where the players have had to pay for the last 10 years, it's been a lot. We're nowhere near that situation. »
Furthermore, NHL Commissioner Gary Bettman anticipates a potential rise in the salary cap, which would further benefit team owners and players alike. During his annual State of the League address, Bettman conveyed optimism about the financial trajectory of the league:
« I predict it will continue to go up,» Bettman announced. «Obviously, the number of years we had with flat and modest increases was necessary to recapture how much was overpaid and how much the escrow built up during COVID. I believe we're going to continue to see robust growth in the cap. »
With these financial adjustments, both Seth Jones and his Blackhawks teammates are set to receive their payouts from the Wirtz family, marking a positive shift in the league's economic dynamics post-pandemic. This move not only supports the players financially but also reflects a stabilizing sports economy as it recovers from previous fiscal challenges.
| POLL | ||
9 JUIN | 52 ANSWERS Chicago Blackhawks owners had to pay defenseman Seth Jones $570,000 Does Seth Jones deserve an extra $570K? | ||
| Yes | 8 | 15.4 % |
| No | 44 | 84.6 % |
| LIST OF POLLS | ||
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