The NHL’s new “collateral loans” program will make loans of up to $250,000 available to players.
The new loan is designed to help the teams “grow the game in a way that we think is going to make it more accessible and accessible for fans, players and their families,” the NHL said in a statement.
Players will be able to choose whether to use the loans for either salary or a portion of their salary, depending on their salary.
The loans will be repaid in full once the player has been signed by the team.
The league said it will work with players to provide them with the necessary training and financial information.
“We think it’s a great way to help players to become more productive in the workplace and to earn more money through our partnership with them,” NHLPA executive director Donald Fehr said.
The loan program has been criticized by some, including former NHLPA president Bernie Nicholls, who argued it would be an unfair subsidy for players.
“The way that this works, they are paying the salary of the player and they are getting this loan.
That’s how they are going to spend it,” Nicholls told CBC News.
“So they don’t get a chance to earn money on the ice.
They get this loan, they pay it back.
And then if they can’t afford to buy a house, or they can afford to pay rent, they have to buy food.
That makes it a much more difficult thing for them to get on their feet.”
The NHLPA has been pressing for changes to the collateral loans program, which has not yet been announced.
“They’re not going to be allowed to use this program to finance their salary,” Nicholl said.
“That’s why I think the league is going for a more comprehensive solution, and the NHLPA is very concerned.”
Fehr called on the league to allow players to use a portion from their salary to purchase food or other necessities.
“If we’re going to go with the $250 million [loan] plan, we should be able make it work,” Fehr told CBC.
“I think it will be very beneficial for the players.”
The players’ association has also called for a new salary cap, which the league will soon consider, with the goal of raising it to $1 billion.
Players who have received the new loans have until July 1 to decide whether to continue with the program.
NHL players have been under a $50,000 salary cap since the start of the season.
The average NHL salary cap is currently $64.9 million.
The $250m loan program is designed for teams that have a $250-million salary cap.
The NHL said that if players choose not to participate, they will be eligible to receive a $75,000 loan that will be repayable in full.
“It’s just a loan.
If the player chooses not to continue using the loan, it’s not the NHL’s responsibility to provide it to him,” Fehl said.