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But 193 NHL players earned $1 million or less. (private jet), just get a business class or first-class ticket. Canadian-born players who play in their home country can expect to be dinged for average combined tax rates that range from 47.2 percent in Alberta to 52.73 in Ontario. 2025 2024 2023 2022 2021 2020 2019 … It was a chequing account, earning peanuts – little tiny ones at that. Open Article in App. The two played Midget AAA hockey together (“I got cut after six games,” Shannon says) and had become fast friends in the process. Some players have bonuses built into their contract; in fact, all entry-level deals come with those bonuses specified ahead of time. Learn more about how Statista can support your business. The NHL group plan covers general health care costs for players and their dependents, and if a player needs a torn labrum repaired or a knee scoped he generally won’t find himself out of pocket (although some players do seek out multiple medical opinions, which is usually offset by the NHLPA, but sometimes not). Thus, the overall number drops to $4.090 million. Summary of current NBA player contracts. I thought I had $30,000 in my pocket. Congratulations on that, by the way. League Minimum: $700,000; Average NFL Salary: $2.7 million (with a median of “only” $860K) League Minimum: $480,000; 2. Profit from additional features by authenticating your Admin account. “It was a good life lesson.”. He didn’t become a full-time NHL player until the season he turned 26 and earned his first one-way deal the year after that. And again, nearly a third of the league makes less than $1-million per season. It was back-loaded, so this upcoming year he’s slated to make $4.75 million in actual salary. I had to work. Please create an employee account to be able to mark statistics as favorites. I had no idea. You’ve paid your work-related expenses but now you’re going to need insurance. They’re nearly there. Some players are lucky enough to have agents, advisers, family members or friends who save them from themselves. “The sport doesn’t lend itself to providing these kids with education on finances, or anything really. These Cookies allow us to understand how visitors use our site. Editor’s Note: This story was included in The Athletic’s Best of 2019. You can’t live in an apartment that’s $2,500 or less – in the NHL, like there’s a certain standard in the league. More than half of the people who play in the NHL suit up for fewer than 100 games. And as a relatively old guy by NHL standards (he’ll turn 30 in February), Scandella considers it an obligation of sorts to speak out about financial literacy in the game. Nor are investment strategies or the imperatives of budgeting regular themes in the dressing room. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. Now he does. League - Season - Average Salary - Median Salary NBA - 2018/19 - $7,770,999 - $4,320,500 IPL - 2018 - $5,058,901 - $3,428,118 EPL - 2018/19 - $3,935,197 - $2,942,129 NHL - 2018/19 - $2,783,728 - $1,950,000 MLB - 2018 - $4,512,768 - $1,450,000 In your browser settings you can configure or disable this, respectively, and can delete any already placed cookies. It is typical for a $4 million player to work alongside a teammate with a $700,000 salary. “It cost him money to play in that game,” Scandella said. Generally, he continued, you only hear about wins with this or that investment. I’ve always had to work.”. Those used to be deductible expenses under the U.S. tax code, but no longer. Please do not hesitate to contact me. ", Sporting Intelligence, Average annual player salary in the National Hockey League in 2019/20, by team (in million U.S. dollars) Statista, https://www.statista.com/statistics/675382/average-nhl-salary-by-team/ (last visited October 15, 2020), We use cookies to personalize contents and ads, offer social media features, and analyze access to our website. According to Spotrac.com, the median salary last year in the NHL was $2,875,000. The numbers look huge to a kid whose main source of income in the previous three or four summers is washing dishes in a relative’s restaurant for $8 an hour: $643,000 (all figures U.S.) to play in the big league, $65,000 to play in the minors. Corporate solution including all features. The U.S. federal marginal tax rate is 37 percent, according to Shannon’s estimations a player making $4.75 million can expect to pay roughly $1.84 million in income tax. There are other professional fees to consider. Fully 100 of them made under $800,000. He understands risk allocation and the need to plan for a future after the game (yes, he fully appreciates the fact he can do so is the greatest luxury of all). Under the latest NHL Collective Bargaining Agreement, … It’s been an incredible slog to get to this point and Gourde said it’s probably the best thing that could have happened to him. Highest-paid player: $14 million (Anze Kopitar, 2016-17 season) NFL. Are you interested in testing our corporate solutions? Use of any marks, trademarks, or logos on this website shall not constitute a sponsorship or endorsement by the trademark holder. But 193 NHL … Players also pay between zero percent (in Texas, Nevada, Tennessee, Florida and, soon, Washington) and 13.35 percent (California) in state tax. “I’m going into year 10, and having invested and watching my savings make a substantial amount of money, that’s where the fun is: watching money do what it’s supposed to do … I had the discipline to listen,” he said. See the full list. Please authenticate by going to "My account" → "Administration". Young men who acquire sudden riches aren’t exactly known for their financial restraint. These cookies may be set through our site by our advertising partners. This feature is limited to our corporate solutions. Just ask Tampa Bay Lightning forward Yanni Gourde about that. “I had no idea how high taxes were and condo fees,” he said. Add it up, and you’re left with roughly $150,000 in professional costs and fees. “And he was like, ‘What do you mean?’ Well, what stocks do you own, do you have any ETFs and he’s looking at me like I’m speaking a different language.”. ©2020 The Athletic Media Company. National Basketball Association all-time scoring leaders 1946-2020, National Football League: Super Bowl wins by team 2020, Average ticket price for an NFL game by team, FIFA world ranking of men's national soccer teams 2020, Athletic footwear global market share by company, Health & Fitness Clubs - Statistics & Facts, Sporting Goods Industry - Statistics & Facts, Research expert covering sports and video gaming, Profit from additional features with an Employee Account. “It was hilarious, he came to my parents’ backyard … he had about $300,000 saved up, I asked him what it’s invested in, do you like how they’re investing it?” Shannon said, who now runs Fortra V, a sports management consultancy that works with more than a dozen hockey players. Being in the NHL also means incurring expenses that are unique to pro sports. But between now and then, you have to live. Same goes for mortgage interest, which was fully deductible for approved loans but will be capped at $750,000 in 2019. Veterans will often negotiate summer bonuses, which serve a couple of purposes: they’re generally treated differently from regular income for tax purposes and they ensure summertime cash flow. Most of these players will have only one chance to accumulate enough wealth to ensure their financial independence. We use cookies to offer you a better browsing experience, analyze site traffic, & serve targeted ads. Life insurance comes in addition to that. It’s another paradox, albeit fairly easily explained. Listing the top salaries, cap-hits, contracts, bonuses, and more for all active players. By using our site, you consent to our use of cookies. Then you get friends of friends who start to call, ‘I heard he doesn’t have anyone managing his money,’ it’s … yeah.”. Sports is a competitive business after all. For example, Cookies that enable you to log into secure areas of our site or use a shopping cart. “There’s one number you need to understand: a guy making $4.75 million who’s only spending $180,000 in disposable income, fun money, is only left with $1.7 million,” Shannon said. When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. Pro sports being pro sports, players are expected to live in appropriately glamorous surroundings. Breaking down an NHL salary: The numbers aren’t as big as you think. Register in seconds and access exclusive features. That’s $1.7 million minus unbudgeted expenses and without considering state taxes for U.S.-based players and provincial taxes for Canadians. The lesson here: In most cases, rent, don’t buy. The difficulty, of course, is a lot of players in the minors want very badly to play in the NHL and many of them have two-way NHL contracts. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. Subscribe to The Athletic for ad-free, in-depth coverage of your favorite players, teams, leagues and clubs. Statista. And they’re probably not taking home as much money as you think. They rent or buy fancy places, drive fancy cars and eat fancy food (Scandella estimates he spends $500 per week on the finer things like organic meats and produce). For a player making $4.75 million, agency fees will cost in the area of $130,000. The average NHL player salary in the 2010-2011 season is $2.4 million. So budget another few hundred thousand for provincial or state taxes, although those calculations can get complicated (you can play around with the math here, if that’s your thing). Or more to the point, the shocking lack of same. 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