NHL players to get money back from escrow
TORONTO -- The NHL Players' Association informed its membership Wednesday that the league's 700-plus players will receive all of their escrowed payments plus interest as well as additional "shortfall" payments of between 3.5 to 4.5 percent.
Once the final accounting was done on the 2005-06 season it was determined players didn't take up their full share of the 54 percent of league revenues coming their way under the terms of the new collective bargaining agreement.
Players pay into escrow accounts throughout the season as insurance for owners in case salaries eat more than 54 percent of revenues. Last season, escrow payments on player pay checks began at 12 percent before dropping to 4 percent in January when both the union and league agreed revenues would surpass initial projections.
Not only will players get all of their escrow payments back, but with interest as well as an additional 3.5 percent to 4.5 percent.
Copyright 2006 by The Associated Press
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