The Atlantic coast beyond the shores of the eastern USA, hits different. It’s not the fog of Seattle, doesn’t offer quite as many free showers.
It’s not the concrete chill of Toronto or Ontario. Surely, it is no where near the frostbitten teeth grinding, breath freezing air of the Midwest.
In the state of Florida? It’s 85 degrees nearly year-round, but can also be terribly humid.
While hockey is played on ice, nobody wants to finish their skate workout or win their hockey game and then step back into weather that you just spent the last few hours smashing pucks in.
Imagine this: you just wrapped morning skate. You step outside the facility and the Florida sun hits your skin like a warm contract extension.
How can you say no to that when it’s a balance of the cold from the sport you love, to the beaches filled end to end nearly year round.
The weather plays a crucial role in the decision of any pro athlete, or really most people in general.
So, it does act as an extreme factor as to why NHL players keep flocking to Florida, but not the only one.
From the Tampa Bay Lightning to the Florida Panthers, it’s becoming more and more obvious: hockey players, used to be tied to cold-weather loyalty, but are now chasing sunshine, better salaries, and low-pressure markets.
Let’s explore why exactly more and more hockey stars and free agents are attempting to get themselves headed south. Players around the league are now wanting to ditch traditional hockey markets, which means there has got to be a financial impact in between the rays of sun.
State Income Tax: Florida’s Free Agent Weapon
Florida is one of just nine states in the U.S. with no state income tax.
Due to this, individuals who are high-income earners such as pro athletes, advantage anywhere from 3.5% to 11% in some states on tax savings.
Example
Player A and Player B both just signed contract extensions with their respective teams, both deals worth 4-years/$40 million.
Prior to paying other salary expense obligations such as lawyer fees, agent fees, escrow, and the most confusing of them all: jock tax, their contracts look like this.
- Player A plays for the New York Islanders. He will be obligated to pay:
- 37% in federal tax
- 10.9% in state income tax
- ~7-10% for other financial obligations
Meanwhile:
- Player B plays for the Florida Panthers. His tax and other financial expense obligations owed:
- 37% in federal tax
- 0% in state income tax
- ~5%-8% in other financial obligations
Player A is going to take home ~$4+ million in savings over the life of the same deal, without having to perform at any additional level of Player B.
NHL salaries are massive, however they are not on the same level of the NFL, NBA or MLB, so savings is even more important.
Most NHL stars top out around $10 million per year. So, the Florida tax break is like adding another bonus to your bank account without needing the team to pay you anything more than the true value of the contract.
Canadian Games = Lower Tax Withholding
for U.S.-Based Players
Just like with all pro sports athletes, NHL players don’t just play in their home city or even state, they have to travel the states for most, but for hockey players they are commuting between two countries all season.
Canadian provinces have higher withholding tax rates, which means U.S.-based players do pay a chunk when playing across the border.
However:
- They only pay for the days they’re actually in Canada.
- Florida teams play fewer games total in Canada compared to West Coast and Canadian teams.
- While players are taxed per game and days they spend outside of Florida, the exposure is limited.
Players on teams in Toronto or Montreal don’t get any tax benefits.
Florida-based guys visit high tax states and providences and know just how blessed they are that they get to leave.
They also should probably be sending their agents and financial advisors a thank you gift every time they touch back down on the sandy beaches of Florida.
Winning Cultures + Savvy Front Offices
This isn’t just about beaches and break-even tax bills. The Tampa Bay Lightning have been a model franchise for over a decade now.
They have brought the city of Tampa two Stanley Cups, multiple deep playoff runs and maintain a front office that makes consistently smart, cap-savvy moves.
Meanwhile, the Florida Panthers have risen to the top rapidly. A Stanley Cup appearance, a surging fanbase, and a roster that’s built to stick around.
Both Florida franchises accounting teams are loophole experts at navigating the NHL’s salary cap without falling into long-term disaster.
They know how to build around their core, spread around contract money like Nutella and they do it all without ever backing themselves into a financial corner.
When players eye Florida they don’t just see sunshine. They see stability, capable front offices, and a real shot at legacy.
Lower Media Pressure = Longer Careers?
Let’s be honest: Playing in California, New York, Toronto, or Montreal is like living inside of a fishbowl. You’re under the microscope of the media and fans at all times, even when you aren’t on the ice. Every off night, every turnover, every locker room quote it’s all clickbait by sunrise.
Florida however, all of that pressure faded into the into the shadows of the palm trees. While the state does hold a large population of over 23 million residents, their financial market has not quite caught up to mainstream markets. This can actually be exceptionally appealing to pro athletes and other famous or well-known individuals of wealth.
This is because in Florida there are little to no hockey tabloids.
There is much less pressure from the outside world on players and their performance is not being surgically analyzed day after day.
Also, the state offers more privacy. If you pick the right area in the state of Florida you can live relatively “off-grid” while still staying close to major cities such as Tampa, Orlando and Miami.
The financial market in the state as mentioned, has also not caught up to other high revenue states, so the cost of living even in todays economy is easier to navigate.
It’s not laziness, it’s financial longevity. When you’re making millions and avoiding the media circus?
You age better.
You play longer.
You spend less.
It’s no accident more NHL players are now trying to flock south.
Real Estate ROI + Lifestyle
Outside of taxes, player obligations and media pressure, there is an important financial factor that athletes wanting to build wealth have to consider.
The impact of wealth building assets such as real estate for both personal and commercial property investments.
Homes in Tampa, Jacksonville or Miami tend to cost less per square foot than properties for sale in New York or L.A. There is also no state tax on property value gains. Meaning, you do not have to pay higher taxes in the form of capitol gains for your home and properties at the end of the year on unrealized value.
If invested properly, players can invest a large portion of their income while still maintaining a luxury lifestyle and manage to turn their contracts into long term equity opportunities.
Would you rather spend the offseason doing workouts in Boca Raton, or shoveling snow in Winnipeg? That’s not just a vibe. Its a business move.
The Florida Formula
What do you get when you combine:
- No state income tax
- Smart front offices
- Contender-level rosters
- Comfortable, quiet markets
- Warm weather and ROI-positive real estate?
You get a sports free-agent cheat code. In the NBA even with the ridiculous tax system, the market to play in is L.A or N.Y. In the NFL, it’s usually wherever the money’s the biggest and the implications figured out later.
In the MLB players tend to ride out with the squad they got drafted to until post arb and then look for the biggest offer.
In the NHL however, where contracts are still in the millions but not quite as extensive as the other three?
It’s Florida.
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Next Reads
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Credits
Written by: Aidan Anderson
Research and Analysis: Apostle Sports Media LLC
Sources: NHLPA, ESPN, The Athletic, Spotrac, Tax Foundation,
IRS Publications, NHL CBA, APSM Proprietary Analysis.
Featured Image: Public Domain / Wiki Commons
Disclaimer: This article contains general financial information for educational purposes and does not constitute as professional advice.
“The Lord is my strength and my shield; my heart trusts in him, and he helps me.”
— Psalm 28:7
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