NEW YORK - The National Hockey League released today regulations under which the Vegas Golden Knights expansion franchise can conduct its hockey business leading up to the Expansion Draft on June 21, 2017.
As announced earlier today, the Golden Knights franchise officially closed its expansion transaction and is now an operational member of the National Hockey League. The Club will begin play in the 2017-18 NHL season.
Bona Fide Transactions: Effective today, Vegas may now enter into Trades and Waiver Transactions or sign Players to NHL SPCs in accordance with CBA Section 50.8(d) or a Player Transfer Agreement (a "bona fide transaction"). Any bona fide transactions involving current Players must specify the identity of each and every such Player(s) at the time the transaction is entered into.
Eligibility for Bona Fide Transactions: Only Players who have completed their 2016-17 season (except UDCs) can be included in a bona fide transaction completed between today's date and the conclusion of the Expansion Draft (on Wednesday, June 21, 2017). A Player whom Vegas has agreed to claim or not claim in the Expansion Draft as part of a bona fide transaction will similarly be required to have completed his 2016-17 season before the transaction can be completed and approved. A Player will be considered to have completed his 2016-17 season if he played under an NHL contract for an NHL Club or one or more of the NHL Club's Minor League affiliates during the 2016-17 season, and he is no longer eligible to play for his NHL Club or any of its Minor League affiliates in 2016-17.
Waiver Priority Order: Vegas will be placed in between the 2nd and 3rd to last place Clubs in the Waiver Priority Order from today's date until October 31, 2017, inclusive (although Waiver Claims by Vegas can only be made with respect to otherwise eligible Players).
Continued Compliance with Expansion Agreement: A Club that has agreed which Player it will lose in the Expansion Draft pursuant to a bona fide trade transaction shall continue to be obligated to comply with all other aspects and requirements of the Expansion Draft Rules (e.g., protection and exposure rules, compliance with critical dates, etc.).
Transfer of Players between Reserve Lists: All Players who are Traded or claimed on Waivers in connection with a bona fide transaction will be placed on the appropriate Club's Reserve List immediately. Players who are selected in the Expansion Draft pursuant to a bona fide trade transaction will be placed on Vegas' Reserve List only after all Expansion selections have been approved by Central Registry.
Disclosure: For purposes of transparency, any bona fide transaction will be subject to the League's usual disclosure procedures in the context of Player Trades (i.e., all Trade and Waiver-related details must be fully disclosed to the League and the NHLPA, but Clubs will maintain the discretion whether to disclose those details publicly).
Penalties for Non-Compliance: Any Club, including Vegas, that acts in violation of these provisions will be subject to the penalties set out in Article 26 of the CBA ("No Circumvention").