NHL rejects Kovalchuk deal for circumventing salary cap
Remember that 17-year contract that the New Jersey Devils agreed to with Ilya Kovalchuk? It was set to pay him tons of money until the last six years of the deal, when they’d only owe him some $550,000 per year.
Well, it ain’t happening.
The NHL has blocked the contract, saying that it circumvents the salary cap. So now, the deal must be reworked.
Photo Caption: Maybe wait until the deal is completely finalized before having one of these and wasting everyone’s time?
The 17-year, $102 million contract was set to pay him $95 million over the first 10 years of the contract, and just $7 million over the final seven years. That would be an annual cap hit of $6 million. Anyone else’s BS meter go off? Apparently, the NHL’s did.
A person with knowledge of the situation tells NJ.com that the Devils can rework and refile the contract. Also, the NHL Player’s Union can file a grievance.
We’d have to think that this is going to get done some way, some how, unless it results in Kovy taking significantly less money. He already rejected a 12-year, $102 million deal from the Atlanta Thrashers. But if the Devils don’t have the cap space to give him an NHL-approved deal, then Kovalchuk might end up in the 404 area code just yet.
As usual, the NHL is a day late and a dollar short with this one. Where was Bettman when the Hawks signed Hossa or when the Flyers signed Pronger to the same type of deals? Probably working on another mid-week All Star game or some other bafoonery. Worst commissioner in all of sports.
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[...] NHL rejects Kovalchuk deal for circumventing salary cap | Off the Record (OTR) [...]
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[...] How much is the president's salary? | PinoyGigs.comCalifornians Protest City Manager's Salary – http://WWW.F1-NET.COMNHL rejects Kovalchuk deal for circumventing salary cap | Off the … [...]
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