Under Pressure: Eugene Melnyk

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“Under Pressure” is a preseason series we’ll be running on PHT. For each team in the NHL, we’ll pick one player, coach, GM, mascot or whatever that everyone will be watching closely this season. Feel free to play the song as you read along. Also feel free to go to the comment section and tell us we picked poorly.

For the Ottawa Senators we picked…owner Eugene Melnyk.

The only owner we picked for this series (congratulations?), Melnyk is under pressure because, well, to put it bluntly, nobody seems to know if he’s super rich anymore.

He’s not really acting like a super rich guy. From allowing beloved captain Daniel Alfredsson to sign with Detroit, to fighting with the city over a casino, there’s a reason people are wondering if he’s got deep enough pockets to maintain his ownership of the Sens, a team he claims to have lost almost $100 million on.

From an Ottawa Citizen story on Melnyk in July:

What is his net worth now? It’s hard to say. Over the past decade, he has cashed in shares valued at hundreds of millions of dollars — but he is also a heavy spender. He divorced several years ago and maintains a small army of thoroughbred horses in Florida and a mansion in Barbados. His investments in biotech firms Trimel Pharmaceuticals and PurGenesis of Quebec have not been cheap. Forbes Magazine estimates his Senators are worth $220 million U.S. as a team, though it is also carrying about $130 million U.S. in debt.

Let’s put it this way: Melnyk is behaving as though he no longer has unlimited resources — which is not a bad thing for any business owner. Whether it means he is now considering options such as lining up another equity partner for the Senators or perhaps selling the team outright, is not yet clear.

Melnyk, who made his fortune in pharmaceuticals, has stated strongly that the Sens are not for sale. But at the very least, they’re clearly on a budget. According to CapGeek, they have the third-lowest payroll in the NHL, spending more than only the forever-cash-strapped Islanders and rebuilding Flames.

It begs a bunch of questions: Will the Sens get the go-ahead to add salary at the trade deadline, assuming they’re in a position to make a run at the Stanley Cup? What is Milan Michalek’s future with the team, given he can become an unrestricted free agent next summer? What is the future for Jason Spezza and Bobby Ryan, each of whom can become UFAs the summer after that?

“You can spend to the cap — it’s very easy. Any idiot can do that,” Melnyk said last year.

And it’s true — any idiot can do that. But it’s also true that the majority of recent Cup-winning teams have been teams that spend to, or very near, the upper limit. And right now, that’s not the Sens.

For all of our Under Pressure series, click here.

Ducks send Stoner to AHL on conditioning loan

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Clayton Stoner is going to play some hockey again.

The Anaheim Ducks announced today that the 32-year-old defenseman has been assigned to AHL San Diego on a long-term injury conditioning loan.

Stoner has not played since Nov. 15. He had abdominal surgery in December, at which point the Ducks said he’d miss an additional 4-6 weeks. But a setback in his recovery extended the time frame.

“The setback was kind of just me trying to get back maybe a little bit quicker than I should,” Stoner told the O.C. Register recently. “And I wasn’t ready. Things have been good here for a little while so hopefully I’m just trying to string some days together and earn a spot back and kind of prove that I can be healthy and stay healthy.”

Panthers didn’t want to trade Crouse, but Bolland contract was ‘strangling’ them

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Interesting note here from Florida head coach Tom Rowe who, last night, watched former Panther prospect Lawson Crouse play in Florida for the first time since being traded to Arizona.

Crouse was the price the Panthers had to pay to unload Dave Bolland‘s contract on the Coyotes last summer. Rowe wasn’t involved with the Bolland signing, but was involved in dumping the contract — he was Florida’s assistant GM at the time the deal went down.

His take, from the Miami Herald:

Florida traded Crouse to the Coyotes last summer as part of a salary cap dump; Arizona took on the final three years and $16.5-million of Dave Bolland’s contract in exchange for a top prospect — in this case, Crouse.

“We got criticized for giving up on a great young prospect but we had to,” Rowe said. “That contract was strangling us, cap-wise. …

“When we traded him, our scouts were furious. I’m not going to lie. But we had to do something and that was trade Lawson. I’m sure, to this day, he’s still sour about it.”

Crouse, who Florida took 11th overall at the 2015 draft, has five goals and 11 points through 64 games this year, averaging 11:50 TOI per night. Those numbers don’t jump off the page, but they do need to be taken in context — Crouse is only 19 years old, and the 10th-youngest player to play in the NHL this season.

Bolland, meanwhile, hasn’t played since December of 2015, due to a variety of back and ankle injuries. His time in Florida was largely forgettable — after scoring the $27.5 million pact, he played just 78 games in a Panthers uniform, scoring 28 points.  It’s widely regarded as the worst deal GM Dale Tallon has made during his time with the organization.

Shortly after taking on his contract, Coyotes GM John Chayka said Bolland wouldn’t be healthy for the “foreseeable future.” The 30-year-old has two years remaining on his deal, at $5.5 million annually.

 

Arizona lawmaker suggests Coyotes pledge more money for new arena

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Arizona Senate President Steve Yarbrough does not expect a piece of legislation to pass that would give the Coyotes millions of dollars in public financing to build a new arena.

That being said, Yarbrough thinks the Coyotes may be able to gain some “traction” if they offer to put in more of their own money.

Under the current plan, the team has pledged $170 million of the arena’s total cost, which is estimated at almost $400 million. The difference would be made up by new sales taxes, plus $55 million from the still-to-be-determined host city.

“If you are getting no traction the way the bill is designed, you could see if the hockey team paid a greater portion,” Yarbrough told the Arizona Republic yesterday. “I have been around this business long enough to know that if it’s not working in this format, you change the format to make it more attractive.”

For their part, the Coyotes have not said whether they’d be willing to pay a greater portion of the project, only that they’ll continue to “work hard to find a viable arena solution in the greater Phoenix area, a market that both the club and the NHL believe is a strong hockey market capable of supporting a successful NHL franchise.”

Related: Bettman says Coyotes “cannot and will not remain in Glendale”

Into the fire: Halak, recalled yesterday, starts for Isles in Pittsburgh

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A little scene setting for you.

New York heads into tonight’s massive game in Pittsburgh sitting two points back of Boston for the final wild card in the Eastern Conference. The Isles have two games in hand on the B’s — who are idle tonight — so a win could move them into a playoff spot.

As such, the Isles will start a goalie that hasn’t played in the NHL in 85 days.

Against the league’s highest-scoring offense.

The goalie in question is Jaroslav Halak, who’s spent the last three months playing for the Isles’ AHL affiliate in Bridgeport. Recalled yesterday, Halak will now face big league competition for the first time since Dec. 29, when he allowed four goals on 24 shots in a loss to Minnesota.

(Afterward, then-head coach Jack Capuano ripped Halak, saying he gave up “some soft goals to start” and “wasn’t sharp at all.”)

But Halak’s been really good in Bridgeport.

He’s posted a 17-7-1 record with a 2.15 GAA and .925 save percentage, and a pair of shutouts. And given how spotty Berube’s play has been as Greiss’ backup, the Isles really had no other choice than to recall Halak.

The club is in the midst of a compacted part of the schedule. Greiss was excellent in Wednesday’s win over the Rangers — stopping 34 of 36 shots in a 3-2 victory — but he was also busy.

The Isles are in Pittsburgh tonight, then host the Bruins on Saturday — another massive game — then host the Preds on Monday. It’s a compact part of the schedule, and Berube’s struggles have rendered him virtually unplayable, given how meaningful the games are (and, to borrow a timeless cliche, how vital points are at this time of the year.)

So it’s Halak tonight, and possibly more down the stretch.