Coach Killers or Creditors? Player Salaries as Debt

Steve Argeris Hunton & Williams LLP George Mason University

$5.1B: Forbes debt estimate

$9.6B: Includes salaries’ PV

Original View

Ted’s Banker’s

View

Forbes’s View

Photos: 1. Slide One, Ovechkin: © clydeorama, available at http://www.flickr.com/photos/clydeorama/4280291093/sizes/o/in/photostream/ 2. Dave Sanford/Getty images, via si.com, available at http://nhl.si.com/2012/09/20/what-to-make-of-ovechkins-outburst/ 3. Gary Barber/Getty Images, via espn.com, available at http://espn.go.com/blog/playbook/visuals/post/_/id/10649/yearbook-dec-11-a-rods-record-deal 4. Associated Press, via espn.com, available at: http://sports.espn.go.com/espn/sportsbusiness/news/story?id=1782953 5. Joe Sargent/Pittsburgh Penguins, via Pittsburgh Magazine, available at: http://www.pittsburghmagazine.com/Pittsburgh-Magazine/January-2013/Pittsburgher-of-the-Year-Mario-Lemieux/ 6. Jim Davis/Boston Globe Staff Photo, via boston.com, available at: http://www.boston.com/sports/baseball/redsox/extras/extra_bases/2008/07/manns_call_from.html 7. Selig 8. From http://msn.foxsports.com/nba/story/Mike-D%27Antoni-resigns-Carmelo-Anthony-New-York-Knicks-031412 9. Nick Wass/AP Photo, via ESPN, available at: http://sports.espn.go.com/nhl/news/story?id=3190712 10. Leonsis image, Keith Allison via Wiki Commons, available at: http://en.wikipedia.org/wiki/File:Ted_Leonsis_Wizards.jpg; Debt image via: http://blog-pfm.imf.org/pfmblog/2009/01/fad-professional-development-seminar-on-debt-management.html 12. John McDonnell, Washington Post, available at: http://www.washingtonpost.com/wp-dyn/content/gallery/2009/09/29/GA2009092903781.html 13. Screencap via Greg Wyshynski, available at: http://sports.yahoo.com/nhl/blog/puck_daddy/post/on-benched-alex-ovechkins-rift-with-bruce-boudreaus-gut?urn=nhl,wp16434 14. Getty Images, via http://sports.yahoo.com/blogs/nhl-puck-daddy/capitals-coach-dale-hunter-accidental-genius-133930559.html 15. Via http://blogs.post-gazette.com/index.php/home/archives/14037-empty-netter-assists-03-26-10