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.
Jul 5, 2015, 10:00 PM EDT
He struggled in his first year pro split between the AHL and ECHL.
Jul 5, 2015, 8:06 PM EDT
He was bought out by Carolina last week.
Jul 5, 2015, 7:00 PM EDT
He’ll make $650,000 at the NHL level and $250,000 in the AHL.
Jul 5, 2015, 6:00 PM EDT
Hearings will take place in Toronto from July 20 to August 4
Jul 5, 2015, 5:00 PM EDT
It’s reportedly a two-way contract worth $600,000.
Jul 5, 2015, 3:55 PM EDT
The deal will reportedly pay him $4.1 million next season.
Jul 5, 2015, 3:08 PM EDT
His peak came in 2013-14: 19 goals, 51 points.
Jul 5, 2015, 2:20 PM EDT
Perhaps Blue Jackets prospects can learn from his scrappy ways.
Jul 5, 2015, 1:47 PM EDT
Some depth for the Bolts.
Jul 5, 2015, 12:31 PM EDT
He shared his story (and struggles) this past week.
Jul 5, 2015, 12:03 PM EDT
It may leave them in a “cap vise.”
Jul 5, 2015, 10:49 AM EDT
That doesn’t guarantee that a hearing would take place, though.
Jul 5, 2015, 9:36 AM EDT
Brandon Dubinsky is the latest to pipe up.
Jul 4, 2015, 11:20 PM EDT
Vancouver started its development camp this weekend.
Jul 4, 2015, 10:10 PM EDT
His offensive totals were down, but was regularly used on penalty kill.
Jul 4, 2015, 8:40 PM EDT
Spent most of the 2014-15 season in the OHL.
Jul 4, 2015, 7:10 PM EDT
They had agreed to terms last weekend.
Jul 4, 2015, 5:40 PM EDT
Played 37 games with Edmonton last season before getting sent back to the WHL.
Jul 4, 2015, 4:10 PM EDT
He signed with Pittsburgh on Wednesday.
Jul 4, 2015, 2:57 PM EDT
Both received two-way deals.
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