OTTAWA (CP) – Ottawa Nationals of the World Hockey Association are considering looking to the United States for financing.
Although the club already has five or six Canadian shareholders, owner Doug Michel Monday said the club has been required to tie so much money up in guarantees it is running out of working capital.
And. although he would like to keep the club all-Canada, a $300,000 offer for 30 percent of the club from an unnamed U.S. television network appears the only answer.
He told a news conference the club is offering a letter of credit to players being paid $50,000 a year guaranteeing their first year's wages in the event the club fails to last through the opening season.
The league also is bound to put up half the $2,000,000 offer by Winnipeg to lure Bobby Hull from Chicago Black Hawks of the National League.
And minimum WHA salaries will be $18,000 a year, $3,000 more than offered by the NHL.
Michel said at least $500,000 of the league ante for Hull is expected to be earned back through endorsements. But even so the Nationals were required to post a $100,000 performance bond before an agreement could be reached with the Central Canada Exhibition Association for a lease on the 9,500-seat Ottawa Civic Centre.