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Breaking: KHL owes players over 1 billion, teams will be shut down.

Shocking reports from the KHL tonight.

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There are absolutely shocking reports coming from the Kontinental Hockey League tonight.

According to a report from CBC Sports, the KHL has cut at least one team from it's league on Wednesday and furthermore has revealed that there are shocking late payments as far as player salaries are concerned. 

From the CBC:

KHL president Dmitry Chernyshenko said Wednesday that the league is removing the Metallurg Novokuznetsk team, which had a 14-46 record and small crowds this season, as it bids to become leaner and more commercially successful.

The late payments reportedly total over 1 billion rubles which translates to a whopping $17.7 million in US dollars, no small sum of money by any stretch of the imagination. Even worse, some of the players currently playing for the teams behind the late payments are 6 months behind when it comes to receiving the money that they are owed. 

Needless to say this is a massive embarrassment for the KHL, and one has to wonder if it will push even more players to the National Hockey League.