According to ESPN, Brad Richards has been bought out by the New York Rangers, after the team elected to use their last remaining cap-compliance buyout on the former Conn Smythe Trophy winner and Stanley Cup champion. The remaining six years of his contract and $6.6 million annual cap hit is off the books.
Brad Richards has been bought out by the New York Rangers, source says
— Pierre LeBrun (@Real_ESPNLeBrun) June 20, 2014
The move was widely predicted by major sports media, and as I wrote a week ago, it needed to happen for several reasons:
Cap-recapture penalties: If Brad Richards decided to retire before his contracted ended, per the newly ratified collective bargaining agreement between the NHL and NHLPA, the Rangers would suffer huge financial losses. Supposing that Richards retired in the 2018 season, from 2018 to 2020, the Rangers would be hit with a $5.66 million annual cap penalty, per CapGeek.com.
To free up cap room for pending restricted free agents: The Rangers have several players restricted free agents this summer, and each will earn big pay raises. Chris Kreider, Mat ...
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Article written by Rob Waters
NY Rangers Use Cap Compliancy Buyout on Brad Richards
June 20th, 2014 by Rob Waters Leave a reply »
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