Interesting loophole closed by the NHL:
The NHL on Monday moved to close a loophole left in the allegedly airtight collective bargaining agreement by notifying general managers the league would deem re-signing a player following a trade and a subsequent amnesty buyout as circumvention, and thus would not register the contract, The Post has learned.
It is believed the Lightning and Maple Leafs had discussed such a maneuver regarding Vincent Lecavalier, who has seven years and $45 million remaining on his contract, with the buyout thus worth slightly more than $30 million.
The amnesty buyout period begins Wednesday night at 11:00, and lasts through July 4, one day before the opening of this year’s free agent market.
The clubs theoretically would have concocted a swap in which Tampa Bay would have sent an asset — perhaps a draft pick — to rolling-in-dough Toronto along with Lecavalier, who would have re-signed a more modest deal with the Lightning after being bought out by the Leafs.
Such a scheme would have saved Tampa Bay’s ownership a substantial sum while easing a cap squeeze for general manager Steve Yzerman, whose club currently faces a charge of $7.727 million per for Lecavalier through 2019-20 and the danger of significant cap-recapture penalties should No. 4 retire while still under contract.
The Leafs would have received an asset while the 33-year-old Lecavalier would at least have been made whole. It would have been a win-win-win situation ... but the NHL obviously perceived this — or any similar scheme — as a loss for the integrity of the labor agreement spawned by Owners’ Lockout III.
It is unknown whether the Lightning will amnesty Lecavalier on their own. Players who are bought out cannot be re-signed by their original clubs for one year. That is part of the CBA.
From Larry Brooks http://www.nypost.com/p/sports/more_spo ... 1GtnCDS8ZO
Thanks for this... I wondered about this in terms of a trade for the Pens and others, as there seems to be a handful of teams that would not have a logical buyout option.... Vinny was the player I was actually thinking of...
EDIT: Reading this again... looks like its within the CBA to work out a '3 way' deal where, say, the Pens could trade an asset for an asset + Vinny, buy him out, and then have some other team sign him?