Final answer:
Without specific audit reports from the time before the NHL strike, the statement cannot be confirmed as true or false. However, the NHL has faced documented financial challenges and significant losses, which is consistent with the narrative of teams incurring substantial losses before labor disputes.
Step-by-step explanation:
The NHL teams collectively lost nearly $275 million two seasons prior to the strike, one would need to reference specific financial audit reports or credible news sources from that period. Without this specific information, it's not possible to assert the correctness of the statement as true or false. However, it is known that professional sports leagues, including the NHL, periodically undergo financial struggles that can lead to significant losses.
The NHL has experienced labor disputes and financial issues in the past, which have been publicly documented. The strike referred to in the question likely points to the 2004-2005 NHL lockout, during which time the league's financial status was a significant factor. Audits in professional sports can unveil substantial losses, and the figure stated could align with historical league financial challenges. Nonetheless, for an accurate verification, one should consult specific records from that time.