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  • Friday, November 12, 1999

    Canucks still losing money

     VANCOUVER (CP) -- Although the Vancouver Canucks continue to bleed gobs of red ink, the team's president and general manager Brian Burke said Thursday the NHL franchise is not in imminent danger of being relocated by owner John McCaw.
     
     "At this point, Mr. McCaw has made it clear he has no intention of moving the team," Burke told the Vancouver Sun in response to a reported loss of $25.5 million for the fiscal year ending June 30, 1999.
     
     The $25.5 million deficit was actually an improvement over the previous 12 months when the reported losses were a staggering $33 million. The reduced losses, according to company documents, were due to increased local broadcast revenue, lower player salaries and proceeds from the Canadian currency assistance program.
     
     "When I was hired, I told them it would take some time to get this team to a break-even situation and that we'd do it with long-term planning," said Burke, who assumed command June 22, 1998. "We have reduced the losses substantially but not nearly enough. At the end of the day, without government assistance, this thing is several years away from a break-even standpoint. I think the (political) climate has improved but we're not counting on their help in the near future."



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