Skip to content

Curtains on Broadway: Rangers buy out Richards

Jun 20, 2014, 12:47 PM EDT

Brad Richards Getty Images

After much speculation, the rumors have proven true — New York has used a compliance buyout on Brad Richards, per ESPN’s Pierre LeBrun.

Per CapGeek, Richards — who holds a no-movement clause — opted against being placed on waivers, allowing the Rangers to immediately move forward with the buyout process. Capgeek also reports it’s the fourth-largest buyout in NHL history.

Richards just wrapped the third of a massive nine-year, $60 million deal signed in 2011. This move will free New York from his annual $6.6 million cap hit, but the club will pay Richards $1.05 million annually until 2025-26.

The Rangers will also avoid potential cap recapture penalties for Richards’ back-diving contract. The deal paid $57 million in salary in the first six years, and just $1 million over the final three seasons — so, should Richards have retired prior to fulfilling the duration of the contract, the Rangers would’ve been hit with gigantic penalties:

The decision to use the compliance buyout comes after Richards, 34, enjoyed something of a bounce-back campaign this year. He racked up 51 points in 82 games — third on the Rangers in scoring — and 11 points through his first 20 playoff games, averaging close to 17 minutes a night.

While he struggled in the Stanley Cup Final (no goals, one assist, minus-4 rating and a fourth-line demotion midway through the series), agent Pat Morris recently expressed optimism that Richards would be retained by the Rangers, thanks to conversations he had with GM Glen Sather.

“Gut feeling, it wouldn’t surprise me if he’s kept,” Morris told Sportsnet’s Fan 590 last Tuesday. “Glen was pretty positive about Brad’s role this season, especially after [former Rangers captain Ryan] Callahan left.”

Today may be a difficult day for Richards, but he should be comforted by the following two facts:

Update: Per Sportsnet, Richards cannot sign with a new team until July 1.

Latest Posts
  1. Here’s who’s left after Day 1 of free agency

    Jul 2, 2015, 12:43 AM EDT

    st.louis Getty Images

    Some interesting players still need deals.

  2. PHT’s 2015 free agent frenzy tracker

    Jul 1, 2015, 11:15 PM EDT

    Mike Green Getty Images

    All the signings from what promises to be a busy day.

  3. Habs sign Barberio to a one-year, two-way deal

    Jul 1, 2015, 6:45 PM EDT

    Mark Barberio Mark Barberio

    The contract pays the 25-year-old $600,000.

  4. Columbus character: Blue Jackets ink Gregory Campbell

    Jul 1, 2015, 6:34 PM EDT

    Gregory Campbell AP

    It’s reportedly two-years, $3 million.

  5. Report: Brassard should be ready for training camp after wrist surgery

    Jul 1, 2015, 6:16 PM EDT

    Derick Brassard AP

    The Rangers were a banged-up group in the playoffs.

  6. Preds trade goalie Hellberg to Rangers

    Jul 1, 2015, 6:09 PM EDT

    Nashville Predators v Los Angeles Kings Getty Images

    Was the first netminder taken at the 2011 NHL Entry Draft.

  7. Kessel trade shows Leafs are trying to ‘build this thing the right way’

    Jul 1, 2015, 4:53 PM EDT

    Official Announcement Of Mike Babcock As Toronto Maple Leafs Head Coach Getty Images

    “We are here to build a team that is capable of winning a Stanley Cup. There are no shortcuts to go around doing that.”

  8. B’s re-sign Spooner: two years, $1.9 million

    Jul 1, 2015, 4:06 PM EDT

    Boston Bruins v Winnipeg Jets Getty Images

    23-year-old had 18 points in 29 games last year.

  9. Green signs with Red Wings — 3 years, $18 million

    Jul 1, 2015, 4:05 PM EDT

    Mike Green Getty Images

    Moves on from Washington, the team that drafted him in 2004.

  10. ‘It’s hard to find players like Phil Kessel’

    Jul 1, 2015, 3:38 PM EDT

    Phil Kessel Getty Images

    Penguins GM considers his new winger in the same class as Alex Ovechkin and Steven Stamkos.

  11. After Preds buyout, Stalberg signs one-year, $1.1M deal with Rangers

    Jul 1, 2015, 3:19 PM EDT

    Viktor Stalberg #25 of the Nashville Predators warms up prior to a game against the Winnipeg Jets at Bridgestone Arena on October 24, 2013 in Nashville, Tennessee.
(October 23, 2013 - Source: Frederick Breedon/Getty Images North America) Getty Images

    29-year-old forward will look to get his career back on track.

Top 10 NHL Player Searches
  1. M. Richards (2398)
  2. D. Hamilton (2384)
  3. C. Talbot (1992)
  4. S. Gagner (1922)
  5. R. O'Reilly (1875)
  1. E. Etem (1734)
  2. A. Niemi (1733)
  3. R. Lehner (1656)
  4. M. Lucic (1572)
  5. C. Pronger (1540)