Jun 26, 2013, 11:23 AM EDT
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 11, 2014, 7:19 PM EDT
The Pens have won seven in a row vs. Washington, including Monday.
Mar 11, 2014, 5:33 PM EDT
Because there’s a really good chance they will.
Mar 11, 2014, 4:56 PM EDT
Big development for the ‘Hawks.
Mar 11, 2014, 4:47 PM EDT
Click for the details.
Mar 11, 2014, 4:26 PM EDT
All the latest from the blue paint…
Mar 11, 2014, 3:54 PM EDT
“We played well in the first game, but then it all disappeared.”
Mar 11, 2014, 3:49 PM EDT
The sons of George and Brian, respectively.
Mar 11, 2014, 2:49 PM EDT
Whether he does or not will impact the Flyers’ roster.
Mar 11, 2014, 2:41 PM EDT
A big defenseman from Lake Superior State.
Mar 11, 2014, 2:18 PM EDT
Burly power forward’s in the midst of a disappointing season.
Mar 11, 2014, 1:51 PM EDT
“It’s great to have him around,” said Wild head coach Mike Yeo.
Mar 11, 2014, 12:47 PM EDT
Dallas GM Jim Nill also released a statement.
Mar 11, 2014, 12:38 PM EDT
“We need to take this one, especially if there’s a four-point swing,” says d-man Brendan Smith.
Mar 11, 2014, 12:25 PM EDT
Rough season for him, to say the least.
Mar 11, 2014, 12:12 PM EDT
Suffered third straight loss on Monday night vs. Toronto.
Mar 11, 2014, 12:07 PM EDT
“The fans won’t have it. The players won’t have it. And even if you hire a new GM, there is no way he’ll have it.”
Mar 11, 2014, 10:52 AM EDT
He thinks the Panthers have a shot at winning the Stanley Cup before he retires.
Mar 11, 2014, 10:02 AM EDT
The Calgary Flames were already missing several forwards.
Mar 11, 2014, 9:12 AM EDT
Nothing’s official, but it sounds like he’ll stick with the Buffalo Sabres after all.
Mar 11, 2014, 8:43 AM EDT
Washington desperately needs the two points.
- WATCH LIVE: Washington Capitals at Pittsburgh Penguins 0
- PHT Extra: What happens if the Caps miss the playoffs? 11
- Wings can’t afford regulation loss to Jackets 6
- ‘It’s obvious Tortorella can’t come back next year,’ writes Vancouver reporter 51
- NHL on NBCSN: Capitals fight to earn first win vs. Penguins in 26 months 11
- Vanquished: Isles stun Canucks with seven-goal third period 26
- Peverley asked to return to game following ‘cardiac event’ 23
- Peverley hospitalized, conscious after collapsing on Stars bench (Update) 18
- Sens’ Ceci won’t return after Weber’s shot lacerates his ear (Update) 8
- Gillis pleads his case: ‘We are enduring a challenging period’ 25
- Canucks trade Luongo to Panthers (93)
- BLOCKBUSTER: Lightning trade St. Louis to Rangers for Callahan (82)
- Kings make splash, acquire Gaborik from Columbus (72)
- Steve Moore remains shocked, disgusted about Todd Bertuzzi attack (71)
- Chiasson ‘shaken up’ by Peverley incident, won’t dress for Stars tonight (60)