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Mike Richards VIII Kings vs NHLPA

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Seems like a win/win for both parties.

I don't think Richards will play many more NHL games (if any) and this give him a nice annual payday for quite awhile. And hopefully he has plenty of money saved up from his career earnings, including $14m the last two years.

Richards can now do whatever makes him happy as a person, whether that be trying to play hockey or spending his days on the lake.
 
KopitarFAN said:
Bob McKenzie ‏@TSNBobMcKenzie 6m6 minutes ago
Regarding Mike Richards-LAK settlement that's expected to be concluded today: 1. LAK will pay the cap recapture penalty for next 5 years.

Bob McKenzie ‏@TSNBobMcKenzie 6m6 minutes ago
LAK will also face annual cap hit equal to dollars being paid out to annually to Richards and cap hit will last as long payment schedule.

Bob McKenzie ‏@TSNBobMcKenzie 4m4 minutes ago
No word yet on precise numbers but hearing the payout is for a very long time.
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In other words, things will stay as they are short term with the recapture for 5 years. Then, they will pay an insignificant (less than $1M annually is my guess) amount FOREVER.
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I question if the recapture is actually there. He will be receiving a salary as part of the settlement. So that says the recapture goes away under the CBA. I quoted the 2 sections in the business forum. Now the Kings for the benefit of maybe having a very small cap hit for a longer time and not facing the up and down of the regular buyout might have agreed to take the recapture plus the settlement. Otherwise if it is settlement plus recapture and it's not a 15-20 year plan it will hurt the team in a very bad way just like the buyout would have for a few years.
 
Herby said:
Seems like a win/win for both parties.

I don't think Richards will play many more NHL games (if any) and this give him a nice annual payday for quite awhile. And hopefully he has plenty of money saved up from his career earnings, including $14m the last two years.

Richards can now do whatever makes him happy as a person, whether that be trying to play hockey or spending his days on the lake.
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I could see a team taking a chance at league min or over up to 1M a year. And it would in no way change what he is getting from the Kings in the settlement. But what it would do is remove the recapture from the Kings if he were to play.
 
Someone may roll the dice on Richards and give him a 1 year, 800K type deal, like what Stoll got. If he plays like he did the last two seasons for the Kings you just ship him to the AHL and have no cap issues at all.

I still believe if he wants to keep playing hockey the best place would be in either Germany or Switzerland.
 
tsanuri said:
I question if the recapture is actually there. He will be receiving a salary as part of the settlement. So that says the recapture goes away under the CBA. I quoted the 2 sections in the business forum. Now the Kings for the benefit of maybe having a very small cap hit for a longer time and not facing the up and down of the regular buyout might have agreed to take the recapture plus the settlement. Otherwise if it is settlement plus recapture and it's not a 15-20 year plan it will hurt the team in a very bad way just like the buyout would have for a few years.
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Very true. Either way, better than that $4M+ cap hit that would have come with the buyout in a few years.
 
tsanuri said:
I could see a team taking a chance at league min or over up to 1M a year. And it would in no way change what he is getting from the Kings in the settlement. But what it would do is remove the recapture from the Kings if he were to play.
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I could be wrong but I don't think that's how the recapture works. I think the Kings are stuck with recapture regardless if Richards plays for another club or retires due to him being paid more than his cap hit was during his time with the Kings. No clue if the money he will get from the settlement will affect that but I doubt it considering the things said by McKenzie and those guys at this point.
 
KopitarFAN said:
Very true. Either way, better than that $4M+ cap hit that would have come with the buyout in a few years.
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If it is only a 10 year deal and he gets the $15M which would have been his buyout. That would be 2.8M a year for the next 5 years. That isn't much better than dealing with around $4.2M for just 2 of them and having it less the rest of them.
 
I could see Richards do like Sundin and Selänne did a couple of years and wait until mid season before signing, assuming there are any takers at all of course. Complete speculation obviously, but he just looked so disinterested in hockey in his final year with the Kings I have a hard time believing he's itching to go through a full season.
 
Pierre LeBrun ‏@Real_ESPNLeBrun 14s14 seconds ago
Kings will take a cap charge every year based on the actual settlement payments made that year. This is in addition to cap recapture charges
 
http://kings.nhl.com/club/news.htm?id=782529

The Los Angeles Kings have reached an agreement with Mike Richards to resolve the grievance filed in relation to the termination of his NHL Standard Players Contract. The terms are agreeable to all parties. We will not be commenting further on the terms.
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For anyone interested, I am having a contract termination party at my house starting now. My first and second beers are already open.
 
Like most settlements, no surprise we're not going to get a real dollar amount on this. We will only be able to extrapolate based on the cap hit which for now won't matter since the Kings have plenty of room they haven't filled.
 
The teams and the NHL think we as fans don't care about the cap.
Yet in this era it's all about the cap. I'm sure just like contracts someone will dig it up and it will come out, hopefully. This is when we really need Matthew Wuest to still be alive and getting us info.
 
Bandit said:
Yeah, not surprised about that. I just want a cap hit breakdown.
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Same. It will come out eventually. What we can assume right now is the Kings are good to go as far as their cap situation is concerned.

One more road block removed for re-signing Kopitar or acquiring some other asset.
 
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