David Pollak of the Mercury News reports the San Jose Sharks owners declared they lost $15 million last season despite selling out all 41 home games and both playoff games against St. Louis.
Fear not Sharks fans, ownership says they’re OK with losing money because they’re committed to winning.
“We’re OK with that because that’s a decision we’ve made to stay competitive,” said Kevin Compton, referring to the fact his team’s player payroll bumped up against the NHL salary cap.
In case you didn’t know, Compton is the head of the Sharks’ ownership group. It makes for a bold statement considering San Jose has yet to make the Stanley Cup finals, but Compton also says the team isn’t hurting for money.
“We’re a completely liquid organization and so far have continued to fund operations by choice,” Compton said. “This isn’t Phoenix.”
That’s a sick burn considering former Sharks CEO Greg Jamison is now trying to purchase the Phoenix Coyotes.
Now you have to ask the question: Are the Sharks’ owners being open about losses because of the ongoing CBA negotiations where the NHL is trying to knock their costs down again with the players? It certainly makes for convenient timing for the owners to have a what’s believed to be a successful franchise claim they’re losing money.