Posted December 06, 2018 04:14:25 It’s been a tough week for the NHL.
Not only have the league’s standings been hit hard, but the league has been the subject of a scandal.
The controversy centers around a contract dispute between the league and the Quebecor company.
That company has also been caught stealing $50 million from the league.
It is unclear what, if any, penalties the NHL has already taken.
Here’s what you need to know.
What is the Quebecors deal with the league?
Quebecor, owned by the same parent company as the New York Islanders and the Boston Bruins, has been accused of stealing $100 million from NHL teams over a seven-year period.
It was one of the largest-ever payouts in league history.
The NHL says it has paid back $100M, including $30M in the past three years, to the Quebec City franchise.
Quebecor says the allegations are unfounded and the team’s financial records are accurate.
Quebec is now facing its own legal issues, as the league is suing it for $1.2 billion for $900 million in lost revenue.
What’s the deal with Quebecor?
The Quebecor deal has been a hot topic among hockey fans for years.
It involved the Quebec franchise buying the NHL for $600 million.
Quebec had the NHL in a bankruptcy proceeding for years, but that ended in March 2018 when the NHL reached a settlement with the Quebec corporation.
That $600M was then divided among all owners of the NHL and the league, which the NHL now says is about $1 billion.
The league has also sued Quebec for $800 million.
Why is Quebecor so rich?
Quebec is a huge player in the global entertainment business.
Quebec was the world’s largest movie studio in 2020 and in 2020, the league added more than $2 billion in global rights fees.
Quebec also has the biggest share of global rights in the NHL’s international rights portfolio, according to Forbes.
Quebec’s stock was valued at $1,200 a share when the deal was announced.
The company also has a large stake in the Quebec-based telecoms company, Bell.
The Quebec-born CEO of the Quebecois telecoms giant, Philippe Pichet, is also a key investor in the Montreal Canadiens.
The deal with Bell could be worth billions in revenue for Quebec.
How is the NHL going to get back money?
The NHL has said it has “no intention” of returning the money it took in from Quebec.
The union representing the players has also called on the NHL to pay back the money.
That issue is likely to come up during the next owners meetings.