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Lightning Will Buyout Lecavalier

TAMPA BAY – The Tampa Bay Lightning will use a compliance buy-out, as allowed by the NHL’s Collective Bargaining Agreement, on center Vincent Lecavalier, vice president and general manager Steve Yzerman announced today. Lecavalier becomes an unrestricted free agent on July 5, eligible to sign with any team in the NHL, except Tampa Bay. The Lightning will pay Lecavalier two-thirds of the value of his existing contract over twice the term of the deal.

“Vinny has been a significant reason for many of our past successes, including the 2004 Stanley Cup, and his contributions to the community are immeasurable,” said Yzerman upon announcing the buyout. “The Lightning organization is indebted to Vinny; we thank him for all he has done here and we wish him well as he moves forward.

“After much internal deliberation, we believe this will prove to be a pivotal move for us as we strive to achieve our long term goal of competing at the highest level, year-in, year-out. The economics and structure of the CBA are necessitating this decision and we at the Lightning are excited at the newly created opportunities this presents to us.”

added 11:02am,

John Fontana of Raw Charge informs us Steve Yzerman sent out an emaill this morning regarding buying out Lecavalier...

I am writing to inform you that we have elected to "buy-out" the contract of Vincent Lecavalier today. Working under the parameters set forth in the new collective bargaining agreement (CBA), each National Hockey League team is permitted two "compliance buy-outs" over the next two years. We have elected to use one of these buyouts to better position ourselves to operate under this new CBA. In buying-out Vinny's contract we are creating approximately $7.7 million of salary cap space for each of the next seven seasons as his contract will no longer count against the team's cap.

The decision to part ways with Vinny was not made easily. In fact, it will cost the Lightning (and owner Jeff Vinik) nearly $32.7 million over the next 14 years. However, after much internal deliberation, we believe this will prove to be a pivotal move for us as we strive to achieve our long term goal of competing at the highest level year-in, year-out.

read on

Filed in: NHL Teams, Tampa Bay Lightning, | KK Hockey | Permalink
  Tags: vinny+lecavalier

Comments

Chris in Hockey Hell's avatar

Yes, please(!)

Posted by Chris in Hockey Hell from Ann Arbor, MI but LIVING in Columbia, TN on 06/27/13 at 10:02 AM ET

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Here come the Habs grin
I wonder what kind of salary he is going to command.

Posted by George0211 on 06/27/13 at 10:08 AM ET

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how do these compliance buyouts work?  is there no penalty at all for the club?

Posted by gretzky_to_lemieux on 06/27/13 at 10:15 AM ET

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is there no penalty at all for the club?

Depends if you consider paying $30M for Lecavalier to play against you to be a penalty…

Posted by Garth on 06/27/13 at 10:17 AM ET

Wings_in_NYC's avatar

Would be cool to see him come to the Wings, but that won’t happen. In fact, I am not excited about this off season at all. I don’t think much will change. When I read that Cleary resigns is when I tune out until the start of the season. I’m sure Sammy and Bert will be back in the fold too. Kenny wouldn’t want to hurt any feelings by using buyouts. Stevie Y has made a tough decision. Kenny seems to have forgotten how to do that.

Posted by Wings_in_NYC on 06/27/13 at 10:18 AM ET

Paul's avatar

GTL, via CapGeek,

During the ordinary course buyout periods in June 2013 and June 2014, teams will be permitted two compliance buyouts. Compliance buyouts follow the same formula as ordinary-course buyouts — either 1/3 or 2/3 of actual salary depending on age — but do not count against the cap. In 2013, the buyout period begins 48 hours after the Stanley Cup Final ends and concludes on July 4 at 5 p.m.

The NHL allowed teams to execute one of their two compliance buyout options prior to the 2012-13 season on players with cap hits of more than $3 million. Two teams exercised the accelerated compliance buyout option: the Montreal Canadiens on Scott Gomez and the New York Rangers on Wade Redden. The players received full pay and counted at their full cap hit for 2012-13, after which the compliance buyout payments kick in. NOTE: The $3 million minimum applied only to accelerated compliance buyouts and does not apply to normal compliance buyouts.

For one season following a compliance buyout, the player is prohibited from rejoining the team that bought him out.

Posted by Paul from Motown Area on 06/27/13 at 10:19 AM ET

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thanks paul.

Posted by gretzky_to_lemieux on 06/27/13 at 10:23 AM ET

Hootinani's avatar

Wouldn’t mind him as a second line center on the cheap, but he really doesn’t play Wings style hockey.

Posted by Hootinani on 06/27/13 at 10:24 AM ET

Red Winger's avatar

He’ll retire in Montreal

Posted by Red Winger from Sault Ste Marie on 06/27/13 at 10:26 AM ET

Primis's avatar

Not willing for the Wings to pay what it’d take still.  A team like MTL or TOR is still going to badly overpay him.

Posted by Primis on 06/27/13 at 10:37 AM ET

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When I read that Cleary resigns

Where did you get this? Have a source?

Posted by wings8 on 06/27/13 at 10:40 AM ET

Guilherme's avatar

Whoa. Jeff Marek on twitter:

Former Tampa GM’s Rick Dudley + Brian Lawton both had deals in place in the past to move Lecavalier that ownership ended up nixing.

Dudley had him going to Toronto for Kaberle, Antropov, Hoglund and either Boyes or a 1st (TB choice).

Lawton had him going to the Habs for Price, Pacioretty, a 1st and either Subban or McDonaugh.

tHAT’S SMART OWNERSHIP.

Posted by Guilherme from Brazsil on 06/27/13 at 10:41 AM ET

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In today’s NHL there’s no reason to think that Lecavalier is worth any less than $5 million per. Montreal and Toronto both seem like viable destinations but Holland should at least “kick the tires”.

Posted by godblender on 06/27/13 at 10:43 AM ET

Hootinani's avatar

When I read that Cleary resigns
Where did you get this? Have a source?
Posted by wings8 on 06/27/13 at 10:40 AM ET

He’s not saying it has happened, he’s saying that he thinks it will inevitably happen, and on that day he will stop paying attention to off season news.

Posted by Hootinani on 06/27/13 at 10:44 AM ET

DrewBehr's avatar

“Lawton had him going to the Habs for Price, Pacioretty, a 1st and either Subban or McDonaugh.”

I call bullsh*t. The Habs trading their two top scorers and starting goalie for an aging second line center? Don’t think so.

Posted by DrewBehr from The Mitten on 06/27/13 at 11:04 AM ET

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“Lawton had him going to the Habs for Price, Pacioretty, a 1st and either Subban or McDonaugh.”

I call bullsh*t. The Habs trading their two top scorers and starting goalie for an aging second line center? Don’t think so.

Lawton was the GM in Tampa from 08-10 so if that rumor has any validity those players hadn’t yet developed into what they are today.

Posted by godblender on 06/27/13 at 11:12 AM ET

Guilherme's avatar

I call bullsh*t. The Habs trading their two top scorers and starting goalie for an aging second line center? Don’t think so.

Lawton was the GM until 2010.

Back then, Lecavalier was a 30-year old star. Price backed up Halak, Pacioretty had 14 pts, Subban played 2 games.

Posted by Guilherme from Brazsil on 06/27/13 at 11:15 AM ET

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so if a team like tampa makes the news release about vinny but nothing else, does that mean that Malone is safe from a buyout?

Posted by gretzky_to_lemieux on 06/27/13 at 12:47 PM ET

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Posted by gretzky_to_lemieux on 06/27/13 at 12:47 PM ET

I read (somewhere, not sure if it was here) that Yzerman is trying to trade him, so he might wait until after the draft to make any decision on Malone.

Posted by Garth on 06/27/13 at 12:49 PM ET

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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.

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