[NHL] Isles buy out Yashin's $26.45 million contract

[Fred Derf Veteran]

Woh, they're paying Yashin that much to not play? I really should never be surprised at what that franchise does but still...

Isles buy out remainder of Yashin 10-year deal

Jun 06, 2007 08:29 AM

Canadian Press

NEW YORK ? The New York Islanders have bought out the remaining four years of captain Alexei Yashin's 10-year contract.

"This decision was one of the hardest I have ever had to make," owner Charles Wang said in a statement. "The organization holds Alexei in the highest regard ? as a player, as a teammate and as a person.

"He was part of the revival of the franchise at a time when we had not qualified for the playoffs for eight seasons. All of us at the Islanders wish Alexei nothing but the best as he continues his career."

Yashin, 33, signed an $87.5-million (all figures U.S.) contract after the Islanders acquired him from Ottawa in 2001. The four years left on the deal are worth $26.45 million, according to Newsday.

Under the NHL collective bargaining agreement, the Islanders can buy Yashin out by paying two-thirds of the remaining amount ($17.63 million) over the next eight years. The salary-cap hit will be some $2.2 million per season over that time.

"Alexei has always been a professional on and off the ice and this was not something that was easily decided," said head coach Ted Nolan. "I believe this is in the best interests of the team and player in mind. Alexei will have an opportunity to pursue a fresh start and we'll look at options to fill his position."

In his six years and 346 games with the team, Yashin scored 119 goals and added 171 assists. Last season, when he missed 24 games with a knee injury, Yashin had 18 goals and 32 assists in 58 games.

"The Islanders have treated me with the utmost respect," Yashin, a 10-year NHL veteran, said in a statement. "I've always believed in the vision Charles Wang has for the organization and although I won't be a part of it, I believe that the team is headed in the right direction. I'm looking forward to this new chapter in my life."

[mikebiacsi]

So am i right in assuming he will be a free agent come july 1?

[Fred Derf Veteran]

So am i right in assuming he will be a free agent come july 1?

Yep. I'd take him at 50 cents on the dollar.

He's not known to be a great playoff performer but the Leafs would need to get that far for it to actually matter.

[Ayepecks]

I don't understand the sense of that at all. I understand wanting to buy Yashin out of his contract, but when it's that big of a hit against the salary cap it's not a very good move. You'd be better off paying him, because you're not going to find a better player for the very small amount you're saving against the cap compare to if he were playing.

[Fred Derf Veteran]

I don't understand the sense of that at all. I understand wanting to buy Yashin out of his contract, but when it's that big of a hit against the salary cap it's not a very good move. You'd be better off paying him, because you're not going to find a better player for the very small amount you're saving against the cap compare to if he were playing.

Exactly. Either pay him $6.6 million and have him play or pay him $2.2 million to play for someone else.

You save $4.4 million for the first four seasons where you might be able to get someone for that kind of money to replace Yashin. Maybe.

The problem is that you still continue to pay him $2.2 million/season against the cap for the 5th through 8th season where otherwise that cap room would have been free.

So it works out to be an marginally okay deal for the first four seasons but then four seasons after that they are screwed.