VegasCanuck Posted October 9, 2015 Share Posted October 9, 2015 They settled out the contract, but at least they aren't getting off completely from the contract. Will cost them 1.32 million for the next 5 years on cap hit, as per General Fanager. http://www.tsn.ca/kings-and-richards-reach-settlement-over-contract-1.374563 Link to comment Share on other sites More sharing options...
poetica Posted October 9, 2015 Share Posted October 9, 2015 Looks like more information has been added: The Los Angeles Kings and Mike Richards have reached a settlement over his contract being voided, according to TSN Senior Correspondent Rick Westhead. An announcement from the Kings will likely be made Friday. According to TSN Hockey Insider Bob McKenzie, the Kings will pay a cap recapture penalty for the next five years. He adds that the team will face an annual cap hit equal to the dollars being paid out annually to Richards, while the cap hit will last as long as the payment schedule. The Kings terminated Richards' contract in June after he was arrested at the U.S.-Canadian border and later charged with illegal possession of a controlled substance, seemingly alleviating themselves of the $22 million and five years left on his deal at a $5.75 million cap hit. But the NHLPA then filed a grievance on Richards' behalf, contesting the Kings' actions. More to follow. http://www.tsn.ca/kings-and-richards-reach-settlement-over-contract-1.374563 Glad to see the Kings didn't get away with just voiding his contract. It was a clear violation of the CBA. Link to comment Share on other sites More sharing options...
Jiggs50 Posted October 9, 2015 Share Posted October 9, 2015 Ouch huh. So after 5 years, more penalties??? Link to comment Share on other sites More sharing options...
inane Posted October 9, 2015 Share Posted October 9, 2015 Elliotte Friedman @FriedgeHNIC 44s45 seconds ago Hearing that Mike Richards will be on the cap until 2031. Not sure of payment, but that is the term. WTF LOL Link to comment Share on other sites More sharing options...
Neversummer Posted October 9, 2015 Share Posted October 9, 2015 Whatever this settlement is, it is still better for LA had they kept him on the roster, or bought him out, or waived him. Actually, we'll see what the final numbers are. Link to comment Share on other sites More sharing options...
HerrDrFunk Posted October 9, 2015 Share Posted October 9, 2015 Wait, so do they have to pay Richards any of that or does it go to the league? Link to comment Share on other sites More sharing options...
Armada Posted October 9, 2015 Share Posted October 9, 2015 This will keep the NHLPA happy. Link to comment Share on other sites More sharing options...
Neversummer Posted October 9, 2015 Share Posted October 9, 2015 Wait, so do they have to pay Richards any of that or does it go to the league? My interpretation is that they pay him a reduced salary. Whatever the figure, $1.32m/yr to sit at home and drink beer. Link to comment Share on other sites More sharing options...
poetica Posted October 9, 2015 Share Posted October 9, 2015 Wait, so do they have to pay Richards any of that or does it go to the league? They pay Richards whatever the settlement amount is in whatever structure they agreed upon. The cap hit and cap recapture hits are kind of imaginary numbers, just deductions from their cap space. No one gets that money. It just means less is paid out to players and the Kings have less to spend on salary. Link to comment Share on other sites More sharing options...
Provost Posted October 9, 2015 Share Posted October 9, 2015 Will be interesting to see the additional cap hit broken down by year... I suspect the settlement included a lot of dollars for Richards, and that the Kings are going to be down 1.5-3 million per year. they probably got to spread it out for a long time so as not to get too big a hit early on, Link to comment Share on other sites More sharing options...
Canuck Surfer Posted October 9, 2015 Share Posted October 9, 2015 Elliotte Friedman @FriedgeHNIC 44s45 seconds ago Hearing that Mike Richards will be on the cap until 2031. Not sure of payment, but that is the term. WTF LOL What the frack! Wasn't the whole concept of the cap recapture penalty to punish teams for trying to bury cap by stringing it out... Link to comment Share on other sites More sharing options...
canuktravella Posted October 9, 2015 Share Posted October 9, 2015 i think the kings should get dinged for the full amount of his salary why do they get a break they traded for his contract they should be stuck with it Link to comment Share on other sites More sharing options...
Canuck Surfer Posted October 9, 2015 Share Posted October 9, 2015 They settled out the contract, but at least they aren't getting off completely from the contract. Will cost them 1.32 million for the next 5 years on cap hit, as per General Fanager. http://www.tsn.ca/kings-and-richards-reach-settlement-over-contract-1.374563 Or if it only tales $6.5mill or to buy out the balance of his contract > what is the purpose of a guaranteed contract? (not that I actually believe there should not be outs in sports contracts) Its still a contract though! Link to comment Share on other sites More sharing options...
Green Building Posted October 9, 2015 Share Posted October 9, 2015 What the frack! Wasn't the whole concept of the cap recapture penalty to punish teams for trying to bury cap by stringing it out... Exactly. They shouldn't be able to stretch it beyond the capped contract length of 8 years. In fact, they shouldn't be able to restructure it at all, I mean this isn't the NFL. Both Richards and LA win in this case. Link to comment Share on other sites More sharing options...
canuktravella Posted October 9, 2015 Share Posted October 9, 2015 im sure when loungo's contract is up in 7 yrs we will get hit massively by the nhl in cap hit but at least luo is on yr 6 of the 12 yrs he signed for. I actually think he may finish contract off in florida Link to comment Share on other sites More sharing options...
soshified Posted October 9, 2015 Share Posted October 9, 2015 im sure when loungo's contract is up in 7 yrs we will get hit massively by the nhl in cap hit but at least luo is on yr 6 of the 12 yrs he signed for. I actually think he may finish contract off in florida It's very possible. 2 years of starter. 2 years of back up. And the last 2 years of 3rd string goalie? Depends on how much Lu loves the game and how FLA deal with the future of their goalies. Link to comment Share on other sites More sharing options...
lmm Posted October 10, 2015 Share Posted October 10, 2015 Exactly. They shouldn't be able to stretch it beyond the capped contract length of 8 years. In fact, they shouldn't be able to restructure it at all, I mean this isn't the NFL. Both Richards and LA win in this case. Don't regular buyouts go 2/3 the salary over 2x the original length? I could see that being fair, + one 1st rounder forfeited for trying to deke the cap. Link to comment Share on other sites More sharing options...
Green Building Posted October 10, 2015 Share Posted October 10, 2015 Don't regular buyouts go 2/3 the salary over 2x the original length? I could see that being fair, + one 1st rounder forfeited for trying to deke the cap. Twice the remaining, not twice the original. Link to comment Share on other sites More sharing options...
Coconuts Posted October 10, 2015 Share Posted October 10, 2015 At least they're not getting out of it as easily as originally thought. Link to comment Share on other sites More sharing options...
HC20.0 Posted October 10, 2015 Share Posted October 10, 2015 I'm glad the Kings are getting punished. What they did to avoid a buyout was slimy. But till 2031? Woooow. That's some settlement. Link to comment Share on other sites More sharing options...
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