League and union reach agreement on escrow

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The NHL and NHLPA have come to an agreement on…(holds breath)…escrow.

You’re probably super eager to learn all details, so without further ado, here’s the shared statement from the league and union:

The NHL and the NHLPA have reached a settlement of their dispute over 2010-11 Hockey Related Revenue (HRR). The return of Escrow monies to the Players and Revenue Sharing payments to the Clubs were on hold while these matters were being resolved.  The Players’ Association and the League have also reached an agreement about how some of the disputed HRR issues will be addressed for this season (2011-12).

The disbursement of Escrow and Revenue Sharing monies will occur in the coming weeks.

In a related story, Shane O’Brien just ordered a round of shooters.

The dispute between the two parties reportedly centered around the $25 million the City of Glendale paid to the NHL last season to cover the losses of the league-owned Phoenix Coyotes. The union wanted the payment counted as hockey-related revenue (the players receive 57 percent of HRR); the NHL didn’t.

It’s not clear how the league and union came to an agreement. Perhaps they flipped a coin or had a winner-take-all game of Boggle. Maybe they just comprised.

Anyway, according to ESPN’s Pierre LeBrun, the players will end up earning 97 percent of last season’s contracts.