The New York Rangers have bought out Brad Richards remainder of his contract, reports Pierre LeBrun of ESPN.com.
Richards, 34, has six years remaining on the nine-year, $60 million contract he signed in 2011. His contract paid him an average of $6.67 million per season.
From ESPN.com: “As per the buyout rules, Richards will get two-thirds of the $19 million remaining in salary (paid out over the next 12 years) on his deal plus the full $8 million still owed in signing bonuses that are due over the next three summers. Once everything is paid out, Richards will have been paid about $51 million. (He made just over $2 million in salary last season during the lockout year out of his $4 million salary.)”
Richards was second on the team with 20 goals and third in points with 51 while playing all 82 games in the regular season. But he had only five goals and 12 points in 25 Stanley Cup Playoff games.
Richards now becomes an unrestricted free agent, able to sign with any of the other 29 NHL teams starting July 1.