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Devils Trade Malakhov To Sharks

via TSN,
The New Jersey Devils acquired left wing Alexander Korolyuk and defenceman Jim Fahey from the San Jose Sharks in exchange for defenseman Vladimir Malakhov, and a conditional first-round pick in the NHL Entry Draft.

added 7:59pm, via the AP,

The New Jersey Devils made a major move to get under the NHL salary cap Sunday by sending suspended defenseman Vladimir Malakhov and a conditional first-round draft pick to San Jose for defenseman Jim Fahey and the rights to left wing Alexander Korolyuk.
The deal will save the Devils $3.6 million on their cap — Malakhov’s salary — and it probably won’t cost New Jersey much because Korolyuk will play in Russia again this season and Fahey might not make the roster.
With the NHL season scheduled to open this week, Devils president and general manager Lou Lamoriello has been desperate to make some moves to get under the NHL’s $44 million salary cap.
Lamoriello would not say whether the Devils will have to make more moves before the season opens on Friday in Carolina against the Stanley Cup champion Hurricanes.
However, he still has to sign right wing Brian Gionta, who scored a team-record 48 goals last season, defenseman Paul Martin, and backup goaltender Scott Clemmensen. So there might be another deal in the works.
“We’ll take it one thing at a time,” Lamoriello said in a telephone call from his office in East Rutherford, N.J.
The Devils were pushed over the cap limit this summer when they signed forward Patrik Elias to a seven-year, $42 million contract — a $7.5 million contract this season — and center Scott Gomez was awarded $5 million by an arbitrator.
The Devils, who also signed Jamie Langenbrunner in the offseason, also owed Malakhov and forward Alexander Mogilny some $7.1 million this season, even though they will not be on the team. They were signed as free agents last season, but they were dropped from the roster for poor play.
Mogilny was sent to the minors, and Malakhov first retired and then was suspended by the team.
Since they were both over 35-years-old when they signed last year, their salaries counted against the Devils’ salary cap.
Lamoriello has petitioned the NHL to have Mogilny’s salary removed from the cap because of a long-term hip injury.

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Paul Kukla founded Kukla’s Korner in 2005 and the site has since become the must-read site on the ‘net for all the latest happenings around the NHL.

From breaking news to in-depth stories around the league, KK Hockey is updated with fresh stories all day long and will bring you the latest news as quickly as possible.

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