Saturday, April 25, 2009

KHL cuts salaries

The big threat from the Continental Hockey League (KHL) never really materialized. Now it appears even less likely to happen as the league is experiencing its own economic crisis.

The KHL has completed its season and held a "redraft" this week to shuffle around some of its talent, and as a result, players claimed had to take a cut on their salaries of up to 50 per cent. The process – which seems somewhat like a waiver draft – was termed an "anti-crisis measure," as were a whole host of other changes coming in for next season.

It goes like this:

  • All salaries of players not involved in the redraft were reduced between 5 and 20 per cent
  • The league's salary range was set at $5.9-million to $18.2-million (U.S.) with one "star" player exemption per team
  • Players who make less than $88,000 a year will not have their pay cut
  • Teams that have unpaid salaries from the 2008-09 season have until May 31 to pay up
  • Teams are limited to five foreign players (only one of whom may be a goalie)
  • Measures will be taken to get players pensions after their playing days and arbitration rights
It won't come as a big shock to see NHL talent like Jagr and Radulov returning to North America next season.