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, 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.
Mar 11, 2014, 8:00 AM EDT
Tuesday’s collection of links.
Mar 11, 2014, 2:26 AM EDT
It was mostly a night of disappointments
Mar 11, 2014, 1:15 AM EDT
“We need to be men.”
Mar 11, 2014, 12:39 AM EDT
It just keeps getting worse.
Mar 11, 2014, 12:29 AM EDT
It’s an MCL injury, according to Patrick Roy.
Mar 10, 2014, 11:29 PM EDT
It’s also his first point since Jan. 10.
Mar 10, 2014, 10:14 PM EDT
At least they have Ales Hemsky.
Mar 10, 2014, 9:57 PM EDT
The Stars say he’ll undergo extensive testing.
Mar 10, 2014, 9:44 PM EDT
Washington carried much of the play.
Mar 10, 2014, 9:29 PM EDT
Both teams have games on Tuesday.
Mar 10, 2014, 9:08 PM EDT
Lindy Ruff says he’s OK.
Mar 10, 2014, 8:09 PM EDT
Mar 10, 2014, 7:55 PM EDT
He was last seen at practice in Saginaw, Mich.
Mar 10, 2014, 6:38 PM EDT
Nathan MacKinnon slides into his center spot vs. Winnipeg.
Mar 10, 2014, 5:26 PM EDT
Canucks GM pens letter to ticket holders.
Mar 10, 2014, 5:14 PM EDT
Click for a video explanation.
Mar 10, 2014, 4:33 PM EDT
All the latest from the blue paint…
- NHL on NBCSN: Capitals fight to earn first win vs. Penguins in 26 months 2
- Vanquished: Isles stun Canucks with seven-goal third period 19
- Peverley asked to return to game following ‘cardiac event’ 23
- Peverley hospitalized, conscious after collapsing on Stars bench (Update) 15
- 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
- Nolan gets a game for punching ‘unsuspecting’ Joensuu 38
- It doesn’t sound like 3-on-3 overtime is going to be a thing 38
- Blues finish night on top of NHL standings after shootout win 15
- Kings’ Nolan gets double-minor for punching Oilers’ Joensuu 54
- 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)
- Report: Flyers table ‘substantial offer’ for Kesler, also inquiring about Edler (59)