"The Coyotes have initiated a buyout of the remaining three years of Mike Ribeiro's contract," Coyotes GM Don Maloney said in a statement. "The buyout is in accordance with the NHL/NHLPA Collecting Bargaining Agreement.
"We wish Mike the best of luck in the future and thank him for his contributions with the Coyotes."
Maloney later indicated that Ribeiro's off-ice antics played a huge factor in the team's decision to buy out his contract.
"Mike had some real behavioral issues we felt we could not tolerate going forward," Maloney told Arizona Republic beat reporter Sarah McLellan.