Posted June 27, 2013 on
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The Tampa Bay Lightning are buying out the contract of center Vincent Lecavalier, a move that will create salary cap space and make one of the stars of the franchise's only Stanley Cup champion a free agent next month.
Lecavalier was the first overall pick in the 1998 NHL draft and helped Tampa Bay win the NHL title in 2004. He is Tampa Bay's career leader in goals and games played.
The four-time All-Star spent 14 seasons with the Lightning and was team captain for much of that time.
General manager Steve Yzerman said Thursday that using a compliance buyout allowed by the NHL's collective bargaining agreement will provide financial flexibility that will provide an opportunity to improve the Lightning roster for the long term.
The buyout will cost more than $32 million over 14 years.
''Vinny has been a significant reason for many of our past successes, including the 2004 Stanley Cup, and his contributions to the community are immeasurable,'' Yzerman said in a statement released by the team. ''The Lightning organization is indebted to Vinny; we thank him for all he has done here and we wish him well as he moves forward.''
Lecavalier, who was owed about $45 million over the next seven seasons, will become an unrestricted free agent on July 5. He will be able to sign with any team except Tampa Bay.
Under the buyout, he will receive two-thirds the value of his existing deal spread over twice the term of the contract.
''After much internal deliberation, we believe this will prove to be a pivotal move for us as we strive to achieve our long term goal of competing at the highest level, year-in, year-out,'' Yzerman said. ''The economics and structure of the CBA are necessitating this decision and we at the Lightning are excited at the newly created opportunities this presents to us.''
Lecavalier led the NHL with 52 goals during the 2006-07 season. Besides franchise-bests of 1,037 games played and 383 career goals, he also is Tampa Bay's all-time leader in power play goals with 112 and game-winning goals with 60.
The move saves $7.727 million in salary cap space next season.
BEST OF MAXIM
AROUND THE WEB
END OF AN ERA
After spending 15 years in the Tampa Bay Lightning organization, the former #1 overall pick now finds himself looking for a new place to work.
The now former captain of the Tampa Bay Lightning, Vincent Lecavalier, addressed the media about the team’s decision to buyout his contract Thursday. Among many things said, Lecavalier thanked the organization, his teammates, and also the fans. He also mentioned what his potential plans are moving forward. His full statement is embedded below.
According to reports, the Toronto Maple Leafs and Tampa Bay Lightning tried to make a loophole trade involving Vincent Lecavalier. The Lightning were going to trade Lecavalier and possibily a prospect or draft pick to the Toronto Maple Leafs. The Leafs, one of the richer teams in the NHL, would then use their compliance buyout on Lecavalier who still has seven years and $45 million...
With the chances of re-signing Val Filppula diminishing with every passing minute, the Detroit Red Wings main priority this offseason will be finding a second-line center.
Thats not exactly earth-shattering news. But the possibility of that second-line center being Vincent Lecavalier, who will be bought out by the Tampa Bay Lightning, is certainly an attention-grabbing headline...
The news that the Tampa Bay Lightning are buying out Vincent Lecavalier sent shockwaves through the hockey world earlier this morning, and as Paul noted, MLive's Ansar Khan believes that the Wings should pursue him. The Free Press's Helene St. James agrees with Khan's assessment:
Lecavalier has a lot of assets. He's 6-feet-4 and 215 pounds. That alone would make...
Ansar Khan of Mlive is correct when he states the Wings may need a 2nd line center...
The NHL's shallow free-agent pool just got a little deeper, as the Tampa Bay Lightning announced today that they will use a compliance buyout on center Vincent Lecavalier.
Lecavalier will become an unrestricted free agent on July 5, eligible to sign with any team except the Lightning...
The Tampa Bay Lightning have parted ways with team Captain and Center Vinny Lecavalier, using a compliance buyout on the long time Bolts forward. Lecavalier was a first overall selection by the Lightning in the 1998 NHL Entry Draft. He is the Tampa Bay’s all-time leader for games played with 1,037 and goals with 383. Earlier this month, the New York Post reported [...]
TAMPA, Fla. --Vincent Lecavalier's legacy with the Tampa Bay Lightning is secure, both on and off the ice. There is little debate about the impact he made when he was among peers here, when he became a respected presence within a region that adopted him. There are transition moments for every franchise, when it must part ways with a proud face of its past. Thursday's announcement...
Just days after getting bought out, ESPN’s Pierre LeBrun reports that former Tampa Bay Lightning first overall pick Vincent Lecavalier is receiving interest from multiple teams in the NHL. “We have been reached out to by a number of teams, easily a dozen or more,” Kent Hughes, Lecavalier’s agent, told ESPN.com Friday afternoon. “This is the beginning of the process [...]
I will let this tweet speak for itself. #tblightning have bought out the contract of captain Vinny Lecavalier — Erik Erlendsson (@erlendssonTBO) June 27, 2013 In a truly shocking move, the Tampa Bay Lightning have elected to buy out their captain, Vincent Lecavalier, choosing to pay him 30 million dollars over the next 14 years to become a UFA rather...
TAMPA BAY – 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...
Steve Yzerman sent a big wave through Bolts Nation earlier this morning as he announced that the Tampa Bay Lightning will use a compliance buy-out on team captain Vincent Lecavalier and his eleven year, $85MM contract. Lecavalier, who has been with the Lightning since being drafted first overall in 1998, will become an unrestricted free agent.
By: Brent Manara (@THG_Brent)
The Tampa Bay Lightning announced today that they have used a compliance buy-out on star center Vincent Lecavalier. There was a lot of speculation over the past few months that this move was being considered because of his massive salary cap number and advancing age, but it is still a jolting turn of events considering how much Lecavalier has meant to...
Fire up the DeLorian...
Three names on the market: Vincent Lecavalier, Daniel Briere, Jaromir Jagr.
Let's talk about them...
We all knew that for Steve Yzerman to build a competitive roster, buying out Lecavalier was a must. That said, it was a near-impossible reality to fathom.
Would Jeff Vinik and Yzerman be willing to rid themselves of the face of their franchise...
from Larry Brooks of the NY Post,
The NHL on Monday moved to close a loophole left in the allegedly airtight collective bargaining agreement by notifying general managers the league would deem re-signing a player following a trade and a subsequent amnesty buyout as circumvention, and thus would not register the contract, The Post has learned.
It is believed the Lightning...