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No Need To Move Ovechkin

from Neil Greenberg of the Washington Post,

I get it. The outlook is grim. The Capitals are in last place in the NHL with a 2-7-1 record and will likely miss the playoffs. They have a minus-13 goal differential (worst in league) and have yet to score more than three goals in a game. Their penalty kill is ranked 23rd in the league, which is compounded by the fact they have been shorthanded 47 times (tied for third worst). Faceoffs, once a hallmark of head coach Adam Oates’s career, is also floundering at 47.8 percent. But that doesn’t mean Alex Ovechkin should no longer be a member of the team.

Sure, his production is nowhere close to what it was when he signed the first $100 million deal in NHL history back in January 2008 — a $124 million, 13-year contract extension that runs through the 2020-21 season — but it still doesn’t make getting rid of Ovechkin the right move.

continued

Filed in: NHL Teams, Washington Capitals, | KK Hockey | Permalink
 

Comments

Thag's avatar

Ovechkin is always double- or triple-covered.  It is up to his teammates to either score, or create something where he can get open.  It doesn’t help that Backstrom is having and off season so far and Semin is gone.  Caps are now a one-line team.

Posted by Thag from DC on 02/07/13 at 11:06 AM ET

Avatar

Not a very good analysis by Bloomberg.

First off, this

For one, the economics of a buyout do not make financial sense. According to CapGeek, when a player is bought out, the team still takes a cap hit for the player over a period of twice the remaining length of the contract. So, using CapGeek’s buyout calculator…That means a $3.8 million dollar cap hit on the books until 2028-29. Don’t see that as sound fiscal policy.

Is not true. The Capitals would have nothing on their cap ledger if he were to be bought out this summer.

And this:

In theory, any team would love to have him, but who would be willing to give up the value necessary and take on a $9.5 million cap hit for the next eight years?

is a misunderstanding of market forces. The “value” of trading Ovechkin could, at this point, be argued to be the willingness to accept his contract. It’s like selling a failing subdivision of a larger business to another company for the assumption of debt. That is something that businesses sometimes do and benefit from.

But to be clear, I’m not taking a stand on whether Washington should or shouldn’t do anything with this guy.

Posted by larry on 02/07/13 at 03:32 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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