|Rangers buy out contract of veteran Brad Richards|
|Written by Admin|
|Friday, 20 June 2014 07:58|
Both the Rangers and Richards' agent, Pat Morris, confirmed the move Friday.
The 34-year-old Richards had six years remaining on the nine-year, $60 million deal he signed in 2011, and this move will remove his $6.67 million salary-cap charge. Richards will receive two-thirds of the remaining money to be paid out over 12 years - a total of $12.6 million.
Richards will also be paid $8 million in signing bonuses over the next three seasons. He didn't have to clear waivers before the buyout because his contract had a no-movement clause.
Richards, demoted to the fourth line in the finals against Los Angeles, will become an unrestricted free agent on July 1.