We have updated our Terms of Service and Privacy Policy. By continuing to use the NHL’s online services, you agree to these updated documents and to the arbitration of disputes.
Sign in with your NHL account:
  • Submit
  • Or
  • Sign in with Google
 
SHARE

Rangers buy out final 6 seasons of veteran forward Brad Richards' contract, free up cap space

Friday, 06.20.2014 / 2:05 PM / News

The Canadian Press

Share with your Friends


Rangers buy out final 6 seasons of veteran forward Brad Richards' contract, free up cap space

NEW YORK, N.Y. - The Rangers are buying out the contract of veteran forward Brad Richards, creating much-needed salary-cap space and parting ways with New York's de facto captain one week after being eliminated from the Stanley Cup finals.

Both the Rangers and Richards' agent, Pat Morris, confirmed the move Friday.

The 34-year-old Richards had six years remaining on the nine-year, $60 million deal he signed in 2011, and this move will remove his $6.67 million salary-cap charge. Richards will receive two-thirds of the remaining money to be paid out over 12 years — a total of $12.6 million.

Richards will also be paid $8 million in signing bonuses over the next three seasons. He didn't have to clear waivers before the buyout because his contract had a no-movement clause.

Richards, demoted to the fourth line in the finals against Los Angeles, will become an unrestricted free agent on July 1.

Quote of the Day

We think that Randy is a very good coach. Our players think that Randy is a very good coach. We think that he's going to get the most out of this group. With the addition of the two assistants, a bit of a different dynamic, we're very comfortable that this is a quality coaching staff that's going to maximize the potential of this team.

— Maple Leafs GM Dave Nonis on head coach Randy Carlyle and his staff