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July 20, 2010 // 9:57pm ET (Last Updated: July 21, 2010, 6:34am ET)
NHL rejects Kovalchuk's contract
TheFourthPeriod.com
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The NHL has rejected Ilya Kovalchuk's 17-year, $102 million contract with the New Jersey Devils, claiming the contract circumvents the League's salary cap.
Kovalchuk, who returns to being an unrestricted free agent, opted to re-sign with the Devils instead of joining the Los Angeles Kings.
Early Wednesday morning, NHL Deputy Commissioner Bill Daly released the following statement:
"The contract has been rejected by the League as a circumvention of the Collective Bargaining Agreement. Under the CBA, the contract rejection triggers a number of possible next steps that may be elected by any or each of the NHLPA, the Player and/or the Club. In the interim, the player is not entitled to play under the contract, nor is he entitled to any of the rights and benefits that are provided for thereunder. The League will have no further comment on this matter pending further developments."
Under the terms of the contract, Kovalchuk was set to earn $6 million each of the next two seasons, $11.5 million for the following five seasons, $10.5 million in 2017-18, $8.5 million in 2018-19, $6.5 million in 2019-20, $3.5 million in 2020-21, $750,000 in 2021-22, and $550,000 for the final five years of his contract.
It's believed Kovalchuk was not going to be play throughout the duration of his contract and the length of the deal was simply to reduce the overall annual cap hit against the team.
The NHLPA has the right to file a grievance, upon which the contract would be reviewed by an independent arbitrator.
[ From the Editor ]
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