Lightning will use compliance buyout on Vinny Lecavalier
The Lightning will use it’s compliance buyout on captain Vinny Lecavalier, ending a relationship with the player who has been an iconic community figure since he was the No. 1 overall pick of the 1998 draft.
The buyout price is $32.667 million over 14 years, or $1.76 million per year. That breaks down to two-thirds of the $37 million Lecavalier is owed on the final seven years of his contract ($24.667 million) plus the $8 million he still has remaining in signing bonuses.
Lecavalier becomes an unrestricted free agent on July 5, free to sign with any team.
“Listen, we’re going to sit down and have conversations and start looking through various teams with possible needs, fits,” Lecavalier’s agent Kent Hughes said. “He’s got a young family. He’s got to go through hockey-wise what fits and family-wise and make a decision.”
Here is the announcement from the team:
The Tampa Bay Lightning will use a compliance buy-out, as allowed by the NHL’s Collective Bargaining Agreement, on center Vincent Lecavalier, vice president and general manager Steve Yzerman announced today. Lecavalier becomes an unrestricted free agent on July 5, eligible to sign with any team in the NHL, except Tampa Bay. The Lightning will pay Lecavalier two-thirds of the value of his existing contract over twice the term of the deal.
http://www.tampabay.com/blogs/lightning/lightning-will-use-compliance-buyout-on-vinny-lecavalier/2128822