When a professional sports league endures a work stoppage for any reason, there is always ancillary damage.
It's not just the players, fans and owners who are impacted. Those who sell tickets, beer, television advertising and collect parking fees are also impacted.
Judging the financial impact of a work stoppage on a city's finances is a nebulous thing. Economists are mixed on the impact of a work stoppage.
Here's why: A season ticket holder to the Toronto Maple Leafs may spend about $7,500 for two tickets. If there is no season due to a lockout, that season ticket holder will get his money back.
Most economists don't believe the season ticket holder will just put the money back in the bank and sit on it. He will find something else to spend his money on (source: canadianbusiness.com).
So he will still be spending the money on businesses within Toronto, just not on the Maple Leafs. The impact on Toronto's overall economy will be small.
But when a team has a chance to win the league championship, it creates more interest. Those teams and the cities that they inhabit are likely to feel the most impact from a long lockout.