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Evening Notes: Schenn, Quenneville, Senators

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CHEK’s Rick Dhaliwal reported today that pending unrestricted free agent defenseman Luke Schenn likely wants to remain with the Toronto Maple Leafs and he expects the rearguard to get a well-deserved raise in pay on his next contract. Dhaliwal said this today on Donnie & Dhali The Team and added that Schenn is seeking some term on his next contract as well as some no trade protection.

It makes sense that the soon to be 34-year-old would like some stability for himself and his young family as he has bounced around the league the past few seasons and played under several contracts that have been for near the NHL minimum. Schenn is coming off one of the finest seasons of his career having put up four goals and 18 assists in 70 games split between the Maple Leafs and the Vancouver Canucks and is trying to cash in on what could very well be his last big payday in the NHL.

In other evening notes:

  • Larry Brooks of the New York Post writes that he doesn’t believe the delay in the New York Rangers search for a new coach is tied to former Blackhawks head coach Joel Quenneville. Brooks lists several reasons for his thinking here including the fact that general manager Chris Drury is currently in Buffalo at the scouting combine. Brooks goes on to add that he can’t see NHL commissioner Gary Bettman meeting with Quenneville before the draft to discuss reinstatement and that the Rangers would like to have someone in place before free agency begins on July 1st.
  • The final stage in the sale of the Ottawa Senators has been going on for over three weeks and according to Bruce Garrioch of Postmedia there has been no indication of who will be awarded preferred bidder status. Garrioch writes that this may be a tactic being used to keep all the groups engaged in case they need fall back options should one of the bids fall through. The belief is that the final stage has been slowed by all the back and forth between the parties involved as they try to hammer down the final details in what should be the end of a very long process. Garrioch goes on to say that is does appear that this has become a three-horse race as it looks as though the Neko Sparks group is a long shot to win ownership of the club. They are having issues putting the financing in place, but at this time, they are still in the running.

Bettman Presser Notes: World Cup, Senators, Relocation, Nichushkin, Front Office

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Before the start of the Stanley Cup Final between the Florida Panthers and the Vegas Golden Knights, Commissioner of the NHL, Gary Bettman, and Deputy Commissioner of the NHL, Bill Daly, gave their annual version of hockey’s “State of the Union” address to the media. The two spoke at length about a plethora of topics, and one of the more intriguing tidbits was that the NHL is looking into bringing back the World Cup of Hockey (Tweet Link).

In 1996, what was formerly known as the Canada Cup, the World Cup of Hockey was born, and it took place at the then-new Wells Fargo Center in Philadelphia, and also the then-new Bell Centre in Montreal. The United States was the eventual champion, beating Canada in three games.

The tournament took a short break, continuing again in 2004, where Canada became the eventual winner against Finland. The last time the tournament was held was back in 2016 when Canada beat the European team in two games.

In the 2016 rendition, the World Cup of Hockey featured new teams such as Europe and North America. The European team featured countries that were not represented by their own national teams, including players from countries such as Austria, Denmark, France, Germany, Norway, etc. The North American, which ended up being one of the most fun teams to watch during the tournament, featured players from Canada and the United States that were under the age of 23.

Other notes:

  • As the Ottawa Senators look to find a new owner, Bettman states that the process could still take a couple more weeks (Tweet Link). The last time the Senators went through a sale was back in 2003 when the late Eugene Melnyk purchased the team for a reported sum of $92MM. Melnyk oversaw the Senators team that made it to the Stanley Cup Final in 2007, and the Eastern Conference Finals in 2017. Having passed in the spring of 2022, the team residing in Canada’s capital should have a new owner by the end of the month.
  • After the announcement that the city of Tempe would not be housing the Arizona Coyotes, rumors immediately sprung about a possible relocation. In the press conference, Bettman reported that Ryan Smith, the current owner of the NBA’s Utah Jazz, has expressed interest in relocating the Coyotes to Salt Lake City (Tweet Link). Although this is considerable news, especially coming from the Commissioner, Bettman did express a strong desire for the Coyotes to remain in Arizona and says that the NHL is helping the franchise find locations in Phoenix.
  • Early in the 2023 NHL Playoffs, it was reported that forward Valeri Nichushkin of the Colorado Avalanche would be sent home for the remainder of the playoffs. Asked about this during their press conference, especially in light of the police body came footage being released, Daly reports that Nichushkin is not under investigation, and is free to play during the 2023-24 NHL season (Tweet Link). Although it was never reported otherwise, it is positive news for Colorado, after recently receiving news that captain Gabriel Landeskog would miss the entirety of next season.
  • As eliminated teams are looking to fill both General Manager and head coach vacancies, it appears that two names could be officially coming to the market. Bettman reports that longtime NHL head coach, Joel Quenneville, and former General Manager, Stan Bowman, have both requested interviews to be reinstated in the league (Tweet Link). Both have been prohibited from working in the NHL ever since the sexual assault exposure from former player, Kyle Beach, came out during the 2010 Stanley Cup playoffs.

 

Snapshots: Senators, Penguins, Luostarinen

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Bruce Garrioch of Postmedia reported today that the talk amongst the bidders for ownership of the Ottawa Senators is that Toronto billionaire Steve Apostolopoulos is the current favorite to purchase the franchise. Apostolopoulos was one of four bidders with the other three being Los Angeles-based producer Neko Sparks, Michael and Jeffrey Kimel of Harlo Capital, and Toronto’s Michael Andlauer. Garrioch goes on to say that Apostolopoulos, who missed out on purchasing the NFL’s Washington Commanders is in the driver’s seat as he had the highest bid at $1 billion.

Garrioch adds that it is far from a done deal as there has been talk that the other ownership groups have been making moves to improve their bids and add additional people to their groups. Sources have told Garrioch that Andlauer is confident he will get the team and he believes his position with the Montreal Canadiens as an alternate member of the NHL’s board of governors will give him the inside track to the Senators ownership. There was talk earlier in the week that Andlauer and the Kimel’s might form a collective group, but those talks have apparently stopped after not getting very far.

It’ll be interesting to see where the Senator’s ownership saga goes in the upcoming weeks. Gary Bettman doesn’t generally like to have other teams making announcements during the Stanley Cup finals, and with game 1 set for Saturday night it might be well into June when there is an official announcement about who will be the next owner of the Senators.

In other snapshots from around the NHL:

  • The Pittsburgh Penguins got to work today in the first day with Kyle Dubas at the helm. Dubas took over as president of hockey operations and interim general manager from Brian Burke and Ron Hextall and was quick to make moves to dismiss some members of the old guard. Josh Yohe of The Athletic reported that director of pro scouting Kerry Huffman, director of hockey operations and salary cap management Alec Schall, and senior VP of integrated performance Teena Murray were all let go with at least one year remaining on their contracts. All three were hired by Hextall and will not be part of the new management group in Pittsburgh as they rebuild their hockey ops after a disappointing season in which they missed the playoffs for the first time in 17 years.
  • Tom Gulitti of NHL.com writes that Florida Panthers forward Eetu Luostarinen is practicing with the team in Vegas ahead of game 1 of the Stanley Cup finals tomorrow night. Luostarinen was paired back up with his usual linemates Sam Reinhart and Anton Lundell. The 24-year-old was injured in game 4 of the Eastern Conference finals against the Carolina Hurricanes but has yet to miss a game. Paul Maurice was quoted in The Hockey News on Monday saying that he expected Luostarinen to be ready for game 1 and things appear to be trending that way. Luostarinen has been a big part of the Panthers third line in this postseason putting up two goals and three assists in 16 games.

Gary Bettman Discusses Ottawa Senators Sale Process

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NHL Commissioner Gary Bettman met with reporters today in Ottawa prior to the Florida Panthers taking on the Ottawa Senators. The Ottawa Sun’s Bruce Garrioch is reporting that Bettman told reporters that there are six bidders in phase two of the Senators sale process, and several of them are strong groups.

Postmedia has reported several times that the Senators sale process likely won’t be completed until late in April, but beyond that it could take into the early summer for all the paperwork and approvals to be completed for the sale. Bettman did comment today that this phase of the process could take up to six weeks which would likely push it into early May. He also added that finalizing any agreement would take at least two to three months leading him to speculate that it could be mid to late summer for a deal to be complete. Bettman added that in the second phase the bidders will be coming to Ottawa to meet the front office, tour the building, and do more due diligence than in the first round of bidding.

Several of the bidders will be in Ottawa over the next few weeks, including arguably the most high-profile bidder The Remington Group. The Markham based group is led by Christopher Bratty, along with the owner of the OHL’s Oshawa Generals Rocco Tullio. It also includes Canadian-born actor Ryan Reynolds.

The NHL and Bettman must be happy with the level of interest this process has garnered for a team that has struggled to be relevant for more than a half decade. It has been reported in several media outlets that the final sale price could be in the range $900MM to $1BN. Not bad for a team that is just two decades removed from being bought out of bankruptcy, and has struggled both on and off the ice for quite some time.

Bettman kept his cards close to his chest and offered precious little in terms of new information. One thing he did say that should be music to the ears of Senators fans was that “The one thing that everybody should be comfortable with, and I’ve said this repeatedly, if this team is moving, the only place it’s moving is downtown. It’s not leaving Ottawa. The Senators will be here no matter who buys the club.”

Snapshots: Salary Cap, Coyotes, Matthews

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The relatively flat salary cap over the last few seasons has certainly been a limiter on player movement over that time.  However, speaking with reporters today including Sportsnet’s Eric Engels, NHL commissioner Gary Bettman indicated a potential openness to boost the Upper Limit by more than the prescribed $1MM next season.  However, doing so would be tied to escrow:

We’re hearing around the bend from players and others that there may be interest in having that, but one thing to keep in mind if we’re going to raise the cap and the escrow hasn’t been paid off, is then we’re going to have to look at raising the escrow rates, which under the CBA extension in 2020 is locked into the last three years of the CBA term at 6 per cent. So, if you’re going to raise the cap prematurely, then you’re going to have to look at the escrow percentage as well. The two are inextricably tied together.

As Bettman noted, there now is a fixed cap on escrow which there wasn’t in the past and by his estimation, there is still around $100MM owed back to the owners to get back to the required 50/50 share of Hockey Related Revenue.  Increasing the escrow hasn’t been popular in the past so if incoming NHLPA Director Marty Walsh finds that the players don’t want to go that route again (even for just a short time), it could be one more year with a small increase before the cap goes up more quickly beginning in 2024-25.

Elsewhere around the hockey world:

  • The Coyotes are likely to be one of the few teams with significant cap space this summer but don’t expect them to automatically be too active in free agency. GM Bill Armstrong indicated on the latest Cam and Strick podcast (video link) that they’re also open to doing what they’ve done in recent years which is taking on unwanted contracts while stockpiling extra draft picks for doing so.  Arizona has stockpiled 47 picks over the next four seasons but have shown a willingness in the past to take on selections that are several years out.  If they opt to take on more unwanted contracts, it wouldn’t be surprising to see them concentrating on adding 2026 and 2027 draft picks in order to try to keep their pick cupboard spaced out.
  • While it has been speculated for a while, Maple Leafs center Auston Matthews confirmed to Jonas Siegel of The Athletic (subscription link) that the upper-body injury he has been dealing with for most of the year is a hand issue. However, the 25-year-old indicated that the hand is feeling a lot better now as of late which is certainly good news for a Toronto team that has made several moves to augment their roster at the trade deadline in the hopes of a long playoff run.  Even with the injury, Matthews still has 31 goals and 36 assists in 59 games so far.

Multiple Bidders Submit Offers To Purchase Ottawa Senators

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Bruce Garrioch of Postmedia is reporting that New York-based banker Galatioto Sports Partners received more than four bids this past week to purchase the Ottawa Senators. While Postmedia was able to confirm the names of four separate bidders, they were also advised that there are more than four groups bidding. A separate report by Los Angeles-based Sportico is stating that as many as nine groups have entered bids to buy the team. Postmedia has been unable to confirm this number with league sources. The Sportico report has also stated that some groups are willing to pay north of $900MM (in USD).

The four confirmed groups are The Remington Group, Michael Andlauer, Jeffrey and Michael Kimel and Neko Sparks. All four groups bring their own unique dynamics, but the most interesting must be The Remington Group, as they have an interesting backer in Hollywood superstar and Canadian-born actor Ryan Reynolds. The NHL wants Reynolds to be involved with the new ownership group, as he would bring worldwide attention to the NHL that Gary Bettman and company have long coveted.

These bids are just this first step in what is sure to be a long process. The opening bids were non-binding, which essentially means that not much risk was involved in submitting an opening offer. The next step will narrow the bids down to a shortlist, and the workload involved will get heavier with each additional round.

Ultimately the new ownership group will have an exciting opportunity with the Senators, albeit one with much work to be done. The Senators have one of the youngest and most exciting core groups of players in the league. However, they play in an aging arena in the suburbs of Ottawa, nearly a 30-minute drive from the downtown core. The new ownership group will have the chance to put their stamp on the Senators almost immediately, with what many hope will be a new downtown building at LeBreton Flats.

The Senators organization has signed a memorandum of understanding with the National Capital Commission for the LeBreton Flats property. But it would be up to the new ownership group to sign a lease, build the arena and ultimately develop a prime piece of property in downtown Ottawa.

Previous owner Eugene Melnyk was never able to get all the pieces to fit for a downtown building, but with the team turning a corner on the ice, and an appetite in the city of Ottawa for a downtown entertainment hub, the puzzle should come together for the group that is ultimately able to purchase the Ottawa Senators.

League Notes: 2024 All-Star Game, Senators Sale, Revenue Projections

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With the on-ice festivities today in South Florida also came some important NHL business notes, courtesy of commissioner Gary Bettman at his pre-game press conference. As part of his media availability today, Bettman confirmed the rumor that Toronto will play host to the 2024 NHL All-Star Game.

It’s the first time Toronto has hosted the event since 2000 and the first time a Canadian market has hosted the event in 12 years. Ottawa was the last, hosting the 2012 All-Star Game. It also marks the return to where the All-Star Game began, first as a charity event in 1934 for Toronto forward Ace Bailey after he sustained a career-ending injury, and also where it was officially established in 1947. Whether the NHL will adjust the format or skills events, which have received their fair share of criticism in recent years, is unknown.

Bettman Updates Salary Cap Projection

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For everyone projecting a substantial salary cap increase for next season, commissioner Gary Bettman has a message for you: “we’ll see.” That’s what the executive told gathered media including Frank Seravalli of Daily Faceoff today at the board of governors meeting, explaining that the league is currently projecting a $70MM escrow balance at the end of the season. If that isn’t paid off in full by the players (through increased hockey-related revenue) the salary cap will be increased by just $1MM.

There has been some rumbling about a potential compromise with the NHLPA to increase it by a little over the next few seasons, instead of waiting for it to spike once the escrow balance is paid, but Bettman wouldn’t comment on that possibility.

That means the most likely outcome at this point is an $83.5MM cap ceiling for 2023-24. A much larger increase would follow in 2024-25 as that $70MM of debt would surely be paid off. Teams handing out long-term extensions or preparing for free agent negotiations will have to pinch a few extra pennies for a little while longer.

The interesting outcome that this could create is a number of free agents agreeing to one-year deals next offseason, knowing for certain that the cap would raise the following year. Restricted free agents may agree to more qualifying offers or go through the arbitration process instead of locking into multi-year bridge deals, and veterans could look to play out a single season before cashing in again when teams have some extra money to spend.

Either way, it appears as though true respite for the cap-strapped teams may still be a little way down the road.

Snapshots: Miller, Swayman, Blackwood, Orlov

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The Boston Bruins’ signing of defense prospect Mitchell Miller earlier this week surprised many, however given the nature of the signing, his eligibility to play in the AHL, where Boston intended to place him, or the NHL, where they hope he can play someday, was presumed. Earlier today, NHL Commissioner Gary Bettman walked back those assumptions saying, in short, that Miller is not currently NHL eligible and may never be NHL eligible. Substack’s Sean Shapiro, in turn, reached out to the AHL for comment, who have yet to determine his eligibility because as they said, the defenseman is currently suspended in the NHL. Not surprisingly, this story continues to have frequently-changing developments, and this evening, ESPN’s Greg Wyshynski shed more light on the current situation.

According to Wyshynski, the NHLPA tells ESPN that the league has not informed the union of any suspension against Miller or anything that would impact his eligibility. The NHLPA added that “there needs to be more info provided by NHL” as it relates to Bettman’s comments. Wyshynski adds that, per a source, Miller’s contract had been registered with the NHL and there was nothing official to stop the Bruins, or any other team, from signing him. This story is, of course, a difficult one for many reasons, however it is worth considering that, despite Miller’s past, he does gain certain rights within the NHL when he signs an official contract. Further, however the situation as to Miller plays out, it could have an impact on how future similar situations play out. Thus, a diligent, drawn-out review and discussion of all issues may be coming before anything is finalized.

  • The recent injury status of the Bruins hasn’t changed much in the past couple days. Recently, it was reported that goaltender Jeremy Swayman would be out week-to-week, while veteran center David Krejci was due back in the lineup tonight. Krejci is in fact playing tonight, however the Bruins did need to activate the center off of IR, which necessitated a corresponding move. In order to add Krejci, Boston has placed Swayman on IR, says The Athletic’s Fluto Shinzawa, who covers the team. Head coach Jim Montgomery, to avoid creating any additional concerns possibly raised by the transaction, reiterated to reporters, including Shinzawa, that Swayman is still considered week-to-week.
  • As relayed by New Jersey Devils team reporter Amanda Stein, head coach Lindy Ruff says that goaltender Mackenzie Blackwood will be seen by doctors back in New Jersey on Tuesday. Blackwood, who was injured in New Jersey’s 4-3 win over the Edmonton Oilers on Thursday night, had met with doctors in Calgary yesterday ahead of the team’s game against the Flames this evening. In response to the injury, but without wanting to place Blackwood on IR, at least not yet, the Devils recalled goaltender Akira Schmid from the AHL earlier today, sending down winger Andreas Johnsson. The Devils return home after tonight’s game and will next play at home Tuesday evening against these same Calgary Flames.
  • Washington Capitals defenseman Dmitry Orlov left tonight’s game with a lower-body injury and is questionable to return, the team announced. It’s unclear what exactly caused the injury to Orlov, however he has played just 7:02 thus far as the Capitals lead the Arizona Coyotes 1-0 late in the second period.

Salary Cap Could Increase More Than Expected In 2023

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Speaking with the media today, NHL commissioner Gary Bettman said there’s a “good probability” that the remaining COVID-related escrow balance could be paid by the players this season, and remains optimistic about revenues. If the escrow balance gets paid off, the salary cap could jump more than the predicted $1MM incremental increase, two years sooner than originally expected coming out of the pandemic.

Bettman did note that it would be a close call, but if the revenue numbers hit, the cap could jump roughly $4MM to a figure of around $86.5MM for the 2023-24 season. The league’s cap growth would then mirror pre-pandemic trends, if not more.

This is gigantic news for a number of teams, especially those who have big-name free agents due for contracts by July 1 of next year. It also bodes well for teams tight to the salary cap to be able to have more roster flexibility in the offseason.

That list of big-name unrestricted free agents next summer is no joke, and a ~$4MM salary cap increase would have a massive effect on many negotiations. Ryan O’Reilly in St. Louis, David Pastrnak in Boston, Dylan Larkin in Detroit, Bo Horvat in Vancouver, and Frederik Andersen in Carolina are some notables who could re-sign with their current teams for a big payday.

It also makes life easier for teams like the Vegas Golden Knights, who are poised to get a healthy Robin Lehner back but already remain well over the currently projected $83.5MM salary cap for 2023-24.

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