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☆ The NHL has strict rules for how much teams can spend. Here's how it works
  + stars: | 2024-11-20 | by ( Jake Piazza | In | ) www.cnbc.com   time to read: +4 min
The pay limit has been in place since the end of a labor dispute that caused the cancellation of the entire 2004-05 NHL season. Sports business experts said the strict salary cap has helped the league's financial health since the full season stoppage. The hard salary cap is a stark difference from Major League Baseball and the National Basketball Association, which have no salary cap and a soft salary cap, respectively. But the hard cap means NHL teams have to be especially diligent. The NHL is planning to start negotiations with the NHLPA in early 2025, NHL Commissioner Gary Bettman said at this year's NHL Board of Governors meeting.
Persons: NHLPA, Rick Burton, Burton, Irwin Kishner, Herrick Feinstein, It's, Jalen Brunson, Gary Bettman Organizations: Florida Panthers, Stanley, Edmonton Oilers, Amerant Bank, National Hockey League, NHL, Toronto Maple Leafs, Columbus Blue Jackets, Official, National Hockey League Players Association, CBA, Syracuse University, Major League Baseball, National Basketball Association, National Football League, firm's Sports Law, Los Angeles Dodgers, Athletic, New York Knicks, ESPN, Governors Locations: Sunrise , Florida, American
☆ Magic Johnson is now a billionaire, decades after turning down a Nike deal that could have netted him $5B
  + stars: | 2023-10-30 | by ( Tom Porter | ) www.businessinsider.com   time to read: +3 min
Basketball icon Magic Johnson has been declared a billionaire by Forbes. Johnson recently revealed he passed on an early chance to buy Nike shares that could've netted him billions. AdvertisementAdvertisementForbes magazine has declared basketball star Magic Johnson a billionaire, decades after he lost out on a Nike deal that could have netted him $5 billion. The Nike deal would've seen Johnson paid $1 for every pair of trainers sold and 100,000 shares in company stock. Back then, Nike shares were worth around 18 cents each, while today they are valued at around $100, so a shares deal would've been hugely more profitable long term.
Persons: Magic Johnson, He's, Johnson, could've, —, Earvin Johnson, would've, Forbes, Johson, MLB's, Michael Jordan, LeBron James, Tiger Woods Organizations: Forbes, Nike, Service, LA Lakers, Converse, Sparks, MLB's Los Angeles Dodgers, MLS, PepsiCo, NBA Locations: Iowa
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