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Leonsis denies Caps were cited by NHL for hiding revenue

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Loose Pucks,Sports,Brian McNally

Capitals owner Ted Leonsis on Thursday denounced a New York Post report from Nov. 13, 2011 that the organization hid hockey-related revenue during the 2010-11 season.

Given that such money, as defined by both the old collective bargaining agreement which expired Sept. 15 and the new CBA signed last week, is supposed to be declared and divided with the players, that is a serious charge that can lead to massive fines if a team is found guilty. But Leonsis claims Washington was never cited by the NHL for hiding any revenue. Post reporter Larry Brooks wrote at the time that a dispute over that hockey-related revenue that fall helped hold up escrow checks – money returned to the players based on the NHL hitting revenue benchmarks from the previous season – and revenue-sharing money due qualifying teams.

“That isn’t what happened at all and it is very, very important that you word this correctly,” Leonsis told reporters during a press conference at Verizon Center. “So, in 2011 we bought the Verizon Center and the Wizards and the union asked, ‘Could we come in’ – which was their right – and look at the accounting to make sure that the accounting was proper. And they did their accounting and they said the accounting was proper. End of story. That was it.”

Leonsis later added: “There was no discrepancy. There’s no grievance. There’s no fine. It was their right to come in and ask questions, and then it was, ‘Was everything accounted for properly?’ And the answer was yes. The end.”

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