Kukla's Korner Hockey
The Settlement Between The Los Angeles Kings And Mike Richards
by Paul on 10/09/15 at 04:46 PM ET
Comments (5)
via the LA Kings,
The Los Angeles Kings have reached an agreement with Mike Richards to resolve the grievance filed in relation to the termination of his NHL Standard Players Contract. The terms are agreeable to all parties. We will not be commenting further on the terms.
via TSN,
According to TSN Hockey Insider Bob McKenzie, the Kings will pay a cap recapture penalty for the next five years. He adds that the team will face an annual cap hit equal to the dollars being paid out annually to Richards, while the cap hit will last as long as the payment schedule.
The Kings terminated Richards' contract in June after he was arrested at the U.S.-Canadian border and later charged with illegal possession of a controlled substance, seemingly alleviating themselves of the $22 million and five years left on his deal at a $5.75 million cap hit.
Filed in: NHL Teams, Los Angeles Kings, | KK Hockey | Permalink
Tags: mike+richards
Comments
Kings will still have some Richards’ $ on the payroll… 1.32 mil of cap recapture for 5 seasons…plus an annual portion of the settlement.
Posted by Paul from Motown Area on 10/09/15 at 04:53 PM ET
I wonder if they are paying out the buyout then the 5 years of recapture. That’s kinda what it sounds like, isn’t it? Pay 2/3 of the contract over twice as long, then add the recapture on top of it. So it doesn’t sound like (maybe) they got out of anything, as they shouldn’t have been able to in the first place. So they had to (maybe) follow the rules but didn’t get fined additionally for trying to unsuccessfully escape from a bad contract?
Posted by teldar on 10/09/15 at 04:58 PM ET
Paying until 2031 means:
Mike Richards will get the full 2/3rds of the $22M left on his contract ($14.667M) spread out over the next 16 years (0.91667 per year).
That means his cap hit will be $2.23667M (cap recapture 1.32M + buyout over the next 5 years) and 0.91667M over the final 11 years.
blah, blah, blah the general suxs as cap geek would already have had the numbers posted.
Posted by d ca on 10/10/15 at 04:36 AM 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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Richards is now officially considered a UFA.
Posted by Paul from Motown Area on 10/09/15 at 04:50 PM ET