The Los Angeles Kings placed Mike Richards on unconditional waivers for the purpose of buying out his contract. The news was first reported by Jamed Mirtle of The Globe and Mail.
Kings place Mike Richards on waivers (buyout).
— James Mirtle (@mirtle) June 28, 2015
The move was not unexpected. Richard’s decline in production caused the Kings to waive him mid-way through last season. After clearing waivers with no other NHL team picking him up, Richards played 16 games wit the Manchester Monarchs of the American Hockey League, scoring three goals and dishing 11 assists.
Richards has five years remaining on a 12-year, $69 million contract. According to capfriendly.com, the Kings’ buyout will cost the club $14.7 over 10 years, counting against the cap through the 2024-2025 season. The largest cap hits will come in 2018-19 and 2019-20, where he will count $4.2 million against the cap in “dead money.”
Despite the long-term effects of the buyout, the benefit comes in the short-term, as the Kings now have $9 million in cap room for the coming season, allowing them several options as they look to get back into Stanley Cup contention.
Photo Credit: Jared Silber/Getty Images
Latest posts by Ray Hartjen (see all)
- Raiders re-sign DE Aldon Smith - April 5, 2016
- Scottie Pippen says 1995-96 Chicago Bulls would dominate current Warriors roster - April 3, 2016
- Playoff berth continues to evade Sharks - March 27, 2016