NEW YORK — Forbes magazine says the NHL's financial losses weren't nearly as bad as stated by the league over the last two years.

In a report for its Nov. 29 edition, the business magazine -- which did not have access to all of the 30 teams' financial records -- estimates the league lost a combined $96 million US last season, not $224 million as reported by the league. For 2002-03, when the NHL stated losses of $273 million, Forbes estimates the losses were actually around $123 million.

Why the difference? Forbes says several NHL teams aren't accounting for all their revenue. The magazine says, for example, that the NHL included only half of the $17 million the New York Islanders got last year for their cable broadcasts.

The NHL was not impressed.

"The Forbes article is factually inaccurate in numerous respects and is not based on any of the actual information that would be needed to support its claims,'' Bill Daly, the NHL's executive vice-president and chief legal officer, told The Canadian Press on Friday. "It is nothing short of irresponsible journalism.''

Countered Ted Saskin, NHLPA senior director, in a statement Friday: "Forbes is a highly respected publication by everyone in business, including NHL owners and their investment bankers who use Forbes' analysis and valuations when they buy and sell teams. The independence and the integrity of Forbes is unquestionable.''

The NHLPA has long maintained that it believed the league was exaggerating its losses, which is a big reason collective bargaining has grounded to a halt. The lockout is into its eighth week with no meetings scheduled in the near future.

"It is no surprise that Forbes found the NHL has vastly overstated its losses by not including all of the revenues earned by NHL teams,'' Saskin said. "We agree with Forbes' conclusion that the NHL should show more transparency and disclose all of an owner's sources of revenue in their financial reporting. We have been saying the same thing for many years.''

The NHL stands by its numbers, pointing to the league-commissioned audit by former Securities & Exchange Commission Chairman Arthur Levitt last year. Levitt's study found NHL clubs lost $273 million in 2002-03.

Forbes says it spoke with bankers, broadcast sources and league sources while studying arena leases, ticket sales and prices.

"I can't really comment on the numbers, because I don't know where they come from,'' Stars president Jim Lites told the Dallas Morning News. "Forbes has never once asked for one number concerning our business.''<

The magazine also says the Toronto Maple Leafs ranked first overall in the NHL in operating income last season, pulling in $14.1 million US. The Minnesota Wild were second at $11.5 million.

The Montreal Canadiens were fifth in operating income, according to Forbes, at $7.5 million while the Edmonton Oilers were seventh overall at $3.3 million.