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Union immediately challenges results

Updated: February 13, 2004, 3:19 AM ET
Associated Press

NEW YORK -- Painting a gloomy financial picture that could lead to a lockout, the NHL released a report Thursday that its 30 teams combined for $272.6 million in operating losses last season.

To bolster its contention of widespread red ink, the league hired former Securities and Exchange Commission chairman Arthur Levitt Jr. to examine franchises' financial figures. Levitt said his report was independent and concluded 19 teams had operating losses in 2002-03.

"The results are as catastrophic ...

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