NEW YORK -- Revenues are up, ownership across the NHL is stable, and the salary cap is expected to climb closer to $90 million starting next season.
Those were three takeaways from the NHL Board of Governors meeting at the New York Hilton Midtown on Wednesday.
"The state of the League is very strong," NHL Commissioner Gary Bettman said at the conclusion of the meeting. "The game is in great shape. Our franchises have never been better owned or stronger, and we're excited to have the start of another season upon us."
The meeting began with a welcome to Michael Andlauer, the new majority owner of the Ottawa Senators, and Bill Haslam, the former governor of Tennessee who is set to become the new majority owner of the Nashville Predators.
It also featured a moment of silence for Rocky Wirtz, the former chairman of the Chicago Blackhawks who died on July 25, and Chris Snow, the assistant general manager of the Calgary Flames who died Saturday after a four-year battle with amyotrophic lateral sclerosis (ALS).
The business of the meeting proceeded, including economic projections for this season.
Bettman said that by the end of the season the players will have paid back the owners in full to make up the approximate $1.5 billion escrow debt they incurred in the 2019-20 season.
He said the remaining debt is down to about $50 million.
"Very preliminary projection, but we believe the escrow will be paid off in full and the cap will be somewhere between $87 (million)-$88 million for the following year," Bettman said.
That would represent an increase of up to $4.5 million. The cap is $83.5 million this season.
The projected revenue for this season is expected to be about $6.2 billion, but Bettman said a more comprehensive projection will be given to the Board of Governors when they meet in Seattle on Dec. 4-5.
"Things are good," Bettman said. "Vital signs are good. Revenues are growing. Everybody thinks the game is in great shape as we head into another season."
There were other updates:
Expansion again?
Bettman said the NHL continues to receive "expressions of interest" for expansion to select cities, including Houston, Atlanta, Quebec City and Salt Lake City, but that it is not on the agenda for the Board of Governors at this time.
"If something were to progress along where you could say, 'Well, this could be ready to go,' then I'll bring it to the owners and we'll discuss it, but we're not in a mode where I'm saying 'OK, if you're interested in expansion submit your applications and we'll evaluate them,' like we've done previously," the Commissioner said. "We're not there. We're just getting expressions of interest, and I take meetings all the time on a variety of subjects. If somebody wants to talk to us, we talk to them."
The NHL added the Vegas Golden Knights and Seattle Kraken in the past six years. Vegas won the Stanley Cup last season, its sixth in the League, and the Kraken are coming off making the Stanley Cup Playoffs in their second season, improving by 40 points from 2021-22.
Coyotes arena
Bettman said it remains the goal of Arizona Coyotes owner Alex Meruelo to have an announcement on a new arena for the team this season.
The Coyotes are entering their second season playing at Mullet Arena, the 5,000-seat venue on the campus of Arizona State University. They announced on Aug. 9 that Meruelo executed a letter of intent to purchase a land in Mesa, Arizona, for a potential site for a new arena.
"We remain optimistic that Alex Meruelo is going to find a solution to get a building going into the ground in the not-too-distant future," Bettman said. "I know his timetable is trying in the first half of the season to get something ironed out, so we'll see where we are come February."
Senators looking downtown
Andlauer said he has already had several meetings about a future home for the Senators in the downtown Ottawa area in the two weeks since he was announced as majority owner Sept. 21.
He said he has spoken with Senators fans, members of the National Capital Commission and various politicians in Ottawa about a potential move downtown. The Senators play at Canadian Tire Center in Kanata, Ontario, about 20 miles from downtown.
"There seems to be a good direction," Andlauer said. "Everybody wants to go in the same direction. They want to see something, a new arena closer to the downtown area. So the motivation is there. It's just a matter of sitting down, collaborating and doing what's in the best interest of Sens fans.
"I'm not going to wait that long."
Andlauer, though, said he expects the Senators to play at Canadian Tire Centre for at least another five seasons because of the length of time it takes to get approvals and to build a new arena. He will look into updates that might be needed for the fan experience at the Senators' current home.
"If we can be there only for four years, great, but in the meantime we'll probably look at refreshing it," he said. "Everything I do is for the fans, and we'll go from there."
Success in Australia
Bettman said the Board received a report on the experience the League had bringing the Global Series to Melbourne, Australia, last month. He called it a "huge success."
The Los Angeles Kings and Arizona Coyotes played two preseason games at Rod Laver Arena, the venue for the Australian Open, one of tennis' four grand slam tournaments, Sept. 23 and 24. Each game was sold out with more than 13,000 fans in attendance.
"The teams were great, the Kings and the Coyotes, and the market was really energized to have an opportunity to see the first games played by us in the Southern Hemisphere," Bettman said. "They're great sports fans in Australia. They love sports. They loved us."
Kings president Luc Robitaille said, "I thought it was great. The whole setup was set up perfectly. The crowds were great. There were jerseys everywhere. It was one of the best experiences. Our players all loved it."
It's possible the NHL could return to Australia for future preseason and/or regular-season games, though Bettman said League executives are still in the debriefing stage.
"We were just talking to (Minnesota Wild general manager) Bill Guerin and we told him if you have a chance to go to Australia, go," Robitaille said. "It's an incredible trip. The League goes out of its way to make it a great experience."
BOG to meet next in Seattle
The Board of Governors has traditionally held a meeting in a warm-weather climate in December, but this year it will be in Seattle (Dec. 4-5) because Bettman said he's making good on a promise he made to the Kraken.
"When they were going to open Climate Pledge Arena and they were coming into the League I promised them a Board meeting so that they could greet their new partners, welcome them to Seattle and show off the building, and then COVID hit," Bettman said. "So I owe them this meeting, and that's why we're doing it. My guess is in the future we'll go back to more traditional places in warmer climates, but this was one that I had promised them, and like so many other things got deferred because of COVID."
Seattle will also host the 2024 Discover NHL Winter Classic at T-Mobile Park, home of Major League Baseball's Seattle Mariners, on Jan. 1. The Kraken will be the home team against the Golden Knights.
Blitzer new to executive committee
David Blitzer, the New Jersey Devils managing partner, chairman and governor, was named the replacement for Wirtz on the Board of Governors' 10-member executive committee.
Blitzer joins Jeremy Jacobs (Boston Bruins), Murray Edwards (Calgary Flames), Ted Leonsis (Washington Capitals), Craig Leipold (Wild), Mark Chipman (Winnipeg Jets), Larry Tanenbaum (Toronto Maple Leafs), Geoff Molson (Montreal Canadiens), Henry Samueli (Anaheim Ducks) and Jeff Vinik (Tampa Bay Lightning)
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