Jun 26, 2013, 11:23 AM EST
The NHL has deemed that trading a player, having the acquiring team buy him out and then re-signing him is a form of CBA/salary cap circumvention, according to the New York Post.
As per The Post’s Larry Brooks, the league notified general managers on Monday it was closing the potential loophole, two days before the NHL’s compliance buyout window was set to open (Wednesday, 11 p.m. ET.)
What’s more, Brooks reports one such deal was already on the table:
It is believed the Lightning and Maple Leafs had discussed such a maneuver regarding Vincent Lecavalier, who has seven years and $45 million remaining on his contract, with the buyout thus worth slightly more than $30 million.
The clubs theoretically would have concocted a swap in which Tampa Bay would have sent an asset — perhaps a draft pick — to rolling-in-dough Toronto along with Lecavalier, who would have re-signed a more modest deal with the Lightning after being bought out by the Leafs.
Such a scheme would have saved Tampa Bay’s ownership a substantial sum while easing a cap squeeze for general manager Steve Yzerman, whose club currently faces a charge of $7.727 million per for Lecavalier through 2019-20 and the danger of significant cap-recapture penalties should No. 4 retire while still under contract.
The Leafs would have received an asset while the 33-year-old Lecavalier would at least have been made whole.
Lecavalier has been the subject of buyout talk for a while.
“We understand this is a difficult contract in a difficult cap environment,” Lecavalier’s agent, Kent Hughes, told the Tampa Bay Times of his client’s current deal. “We recognize (a buyout) is within the club’s right. One way or another there will be clarity in the next seven to nine days.”
Earlier this month, the Bolts captain admitted he’s contemplated being bought out.
“It’s obviously something you think about,” he told the Tampa Bay Times. “At the same time, there’s nothing I can do about it.”
It should be noted teams are still allowed to trade players for the sole purpose of the acquiring team buying them out, so long as there’s no plan to re-sign the bought-out player.
The best example of this would be the New York Islanders and Rick DiPietro.
According to CBC’s Elliotte Friedman, Isles GM Garth Snow will reportedly “try to make it worthwhile” for teams to stomach DiPietro’s contract (the buyout would put him on the books until 2029) by possibly taking a bad contract in return, or sending picks and/or prospects.
Mar 1, 2015, 3:02 PM EST
Could Philly move him by Monday?
Mar 1, 2015, 2:22 PM EST
The Islanders winger was February’s best first-year player.
Mar 1, 2015, 1:16 PM EST
A decent catch for a rising team.
Mar 1, 2015, 12:55 PM EST
Winnipeg faces Los Angeles on Sunday.
Mar 1, 2015, 12:34 PM EST
Mar 1, 2015, 12:21 PM EST
A quick rundown of waiver transactions on Sunday.
Mar 1, 2015, 11:33 AM EST
Anaheim readies for a road-heavy March.
Mar 1, 2015, 10:17 AM EST
Three of his season’s six goals came in the last three games.
Mar 1, 2015, 9:35 AM EST
The first-round pick was a little too rich, it seems.
Mar 1, 2015, 1:37 AM EST
They’ll play again on March 8.
Mar 1, 2015, 1:03 AM EST
San Jose completed its disastrous month with a loss to Ottawa.
Mar 1, 2015, 12:42 AM EST
In other words, he’s probably not going to be dealt before the trade deadline.
Feb 28, 2015, 11:52 PM EST
The Coyotes might not be done dealing yet.
Feb 28, 2015, 11:11 PM EST
Steve Mason was solid in his first start since undergoing knee surgery.
Feb 28, 2015, 10:41 PM EST
He’s continuing to make his case for the art Trophy.
Feb 28, 2015, 10:12 PM EST
Chicago also added Kimmo Timonen on Friday.
Feb 28, 2015, 9:24 PM EST
Stakes are high for Philadelphia after Boston and Florida won.
Feb 28, 2015, 8:50 PM EST
His leadership and the confidence that he brings might provide Florida with a big boost.
Feb 28, 2015, 8:24 PM EST
Arizona is threatening to drop to 29th in the NHL, which would be big as far as the draft lottery is concerned.
Feb 28, 2015, 7:51 PM EST
Philadelphia is trying to salvage its bid for a playoff spot.
- Trade: Capitals land Glencross, Flames get two picks 16
- Flames place Giordano on IR 5
- Flyers keep faint playoff hopes alive with win over Rangers 28
- Trade: Blackhawks acquire Vermette from Arizona for Dahlbeck, first rounder 62
- Jagr earns high praise in his Panthers debut 1
- Bruins maintain four-point edge in playoff race, hand Coyotes ninth straight loss 5
- NHL on NBC: Rangers look for a fourth straight win against the Flyers 7
- Ducks score four third-period goals, come back to beat rival Kings 9
- Blackhawks aren’t done talking trades, will look to add another forward 13
- Flyers trade Kimmo Timonen to Blackhawks 41
- Wild beat Avs, dying seconds fight set stage for rematch (122)
- Petrovic: Chicago will ‘probably seek revenge’ for Kane injury tonight (82)
- Report: Alex Petrovic avoids discipline after injuring Patrick Kane (69)
- Trading baggage: Blue Jackets grab Clarkson, send Horton’s contract to Leafs (66)
- Lindros files $3M defamation lawsuit against ex-referee Stewart (Updated: Now $250K) (65)