I would think that hockey teams look at the % of revenue going to players is more like the amount that is spent on product, rather than thinking of them as employees.
Does anyone have a clear definition of what is included in HRR? I am assuming it is ticket sales, merchandising, media rights revenue, ad revenue, brand licensing. Ownership might get to earn sales from non-nhl events in their arena complexes, other sports team they own, and so on...
I don't see a lot of financial statements where employees get 50% of earnings, but there are lots of examples where the cost of goods sold approach that level. Considering a "healthy" net margin for most business falls somewhere between 5-15%, and that I see many examples in media where ownership describes taking losses happily on ownership of sports franchises to offset gains in other lines of business, I am not sure what ownership in the NHL ends up taking home unless they are an "entertainment group" and own the real estate and several other teams in a city.
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