Oilers may buy out Souray’s contract
Sheldon Souray’s agent Paul Theofanous says he has yet to hear from the Edmonton Oilers on whether they plan to buy out the last year of his client’s contract and salary-cap hit with the buyout window opening next Wednesday. But it’s likely coming.
If the New York Rangers are buying out their injury-riddled captain Chris Drury at two-thirds of his $5-million US salary (two thirds of his $7.05 million cap hit), the Oilers can likely do the same with Souray, who spent all of last season on loan to the Hershey Bears, the American Hockey League affiliate of the Washington Capitals.
June 15 kicks off a two-week period when NHL teams can partially extricate themselves from contracts they don’t like. In Souray’s case, it’s two-thirds over his $4.5 million salary and two-thirds of his $5.4 million cap hit for this upcoming season.
The payout for Souray, who turns 35 on July 13, would be spread out, double the length of the time left on Souray’s deal. They would be on the hook for about $1.5 million in salary for this year and next, and approximately $1.8 million on the cap for 2011-12 and 2012-13.
“We haven’t made up our mind yet,” said Oilers general manager Steve Tambellini.