The great leap forward seemed unnecessary and perhaps risky, not unlike the NHL's radical expansion from six teams to 12 for the 1967/68 season, a move that led to several rocky seasons before the new clubs were able to compete with the Original Six.
This season, the league decided to triple the number of open-air games, from two to six.
The four new games were dubbed the Stadium Series, and it was fair to wonder if they would enjoy the smashing success of the league’s two established outdoor games, the Winter Classic and Heritage Classic.
The results are in. Turns out, six open-air games are not too much of a good thing.
The Stadium Series concluded Saturday night with a capacity crowd of 62,921 at Chicago’s Soldier Field. Bundled in layers of clothes to combat temperatures of minus-8°C, fans saw the Chicago Blackhawks defeat the Pittsburgh Penguins 5-1 in a snowstorm. Several times, play was halted as snow was removed from the playing surface.
“Every time there was shovels on the ice, you sat back and looked around and kind of marvelled at the people and how amazing the setting was,” said Kris Versteeg, the Chicago wing.
Jonathan Toews, the Blackhawks captain, who scored two goals, said the game felt like something out of his childhood, played in his backyard.
The Stadium Series games produced four sell-outs and drew more than 210,000 fans into stadiums in Los Angeles, New York (twice) and Chicago. They also attracted much-higher-than-usual television viewership, with audiences in excess of three million.
Luc Robitaille, a Los Angeles Kings executive and former player, conceded he worried about dilution of the outdoor concept.
“I thought maybe that would be the case,” he told the Chicago Tribune. “I understood why people said that. You don’t want the games to become boring to the fans. But we had 50,000 fans at Dodger Stadium watching a hockey game, and it was LA’s version of outdoor hockey – and that’s when I realized every market can make this their own big event.”
Three of the four games were played in unpleasant weather, but freezing temperatures seemed to make the experiences more memorable, not less.
Players contended with snow-covered ice in Chicago and New York, and a slushy surface in Los Angeles, but they found it hard to complain about conditions on the rink because of the electric atmosphere at the venues.
It seems fair to suggest that fan interest would fade if too many outdoor games are added. But it also true that even with six games this season, the NHL has yet to take an outdoor game to most of its 30 markets, including cold-weather locations such as Denver, Minneapolis and Calgary.
poberjuerge@thenational.ae
REVIEW
Players of the week
• Johan Franzen, Detroit Red Wings The Swede began the week with a silver medal at Sochi and scored three goals with two assists in the NHL.
• Nicklas Backstrom, Washington Capitals The centre has a goal and five assists in his past three games.
• Darcy Kuemper, Minnesota Wild The back-up deputised in two starts and shined, winning twice while stopping 51 of 52 shots.
Teams of the week
• LA Kings Scored 11 goals in three victories, taking their winning streak to four and fortifying their play-off chances.
• Buffalo Sabres The league’s worst team came back from the Olympics and reeled off three victories, including wins over Boston and San Jose.
Duds of the week
• David Backes, St Louis Blues The captain contributed no points in two losses and has failed to score or assist in four successive games.
• Pittsburgh Penguins The East leaders looked lost as they resumed play, losing twice, including a 5-1 rout in the snow at Soldier Field.
PREVIEW
Games of the week
• Montreal Canadiens at Anaheim Ducks, Wednesday The league’s most successful club all-time (23 championships) visits the most successful so far this season.
• Calgary Flames at Vancouver Canucks, Saturday When they last met, on January 18, each side started their goon squads and they brawled two seconds after the puck was dropped. A total of 142 minutes of penalties were assessed.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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