The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Fans and players have their eyes on the ice, but the NHL teams are watching another game. Not knowing where the Canadian dollar is going to go next has the NHL concerned as six of its teams are involved. The six Canadian teams Ð Ottawa, Vancouver, Calgary, Edmonton, Montreal and Toronto Ð are trying to stay one step ahead of the game. ÒItÕs a game they can ill afford to lose,Ó read a CBC news article. The Canadian dollar recently reached $1.10 US, but it has since dropped below 80 cents. The six Canadian teams pay player salaries in US dollars, meaning a dropping loonie has serious ramifications on the clubs. According to nhlnumbers.com, the following is a payroll chart for the Canadian teams: Calgary Flames Payroll in US dollars - $57.09 million Edmonton Oilers payroll in US dollars - $54.25 million Montreal Canadiens Payroll in US dollars - $55.58 million Ottawa Senators Payroll in US dollars - $53.48 million Toronto Maple Leafs Payroll in US dollars - $48.06 million Vancouver Canucks Payroll in US Dollars - $ 48.44 million The Edmonton OilersÕ payroll for the 2008-09 season, as reported by CBC, stands at $54.25 million US Ð when the loonie is at par with the US dollar. If the Canadian dollar continues to trade at 80 cents, the OilersÕ payroll balloons to $65.11 CAD, a difference of $10.8 million. The Calgary FlamesÕ payroll for this season is $57.09 million, but it shoots up to $68.5 million when the dollar is at 80 cents, a difference of $11.41 million. The Toronto Maple Leafs ($9.6 million extra), Montreal Canadiens ($11.4 million), Ottawa Senators ($10.6 million), and the Vancouver Canucks ($9.6 million) would all have to pay significantly more sums of money in player salaries this season if the Canadian dollar remains where it is. According to CBC, even a drop of five cents in the dollar means goalie Miikka KiprusoffÕs $8.5 million US salary costs the Flames an extra $425,000. A 20-cent difference in the dollar poses serious issues for Canadian teams, according to Oilers president Patrick Laforge. ÒThat will be painful, because weÕve lived through a period where we were 20 per cent or worse. A 20-cent differential is no less than $11 million. ThatÕs a problem,Ó Laforge told CBC Radio.
