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Kovalchuk Deal approved

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I don't get it. They set the law in 2005 and then change it "one-thy-fly" in 2010... Why not to change it once again? Too bad Blackhawks din't know how it works before they traded Versteeg, Ladd, and that guys with strange surname beginning with "B".

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I don't get it. They set the law in 2005 and then change it "one-thy-fly" in 2010... Why not to change it once again? Too bad Blackhawks din't know how it works before they traded Versteeg, Ladd, and that guys with strange surname beginning with "B".

They did not change anything. There is a clause in the CBA which allows the league to vetoe any contract that can be shown to be salary cap circumvention. Pretty open-ended, but there to address whatever loop holes they failed to iron out originally. They have simply exercised that clause.

Original-Six likes this

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how was it approved? the deadline was moved to 1AM

Well.. it's completely and totally approved now (as of 4am est).

The delays were over legal issues. Kovalchuk (and others) had previously publicly announced that the deal itself was finished.

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so they knocked two years off it?

It's still cap circumvention. I guess now it's just more in line with the existing contracts that circumvent the cap.

yes... it was grandfathered in, with new rules restricting any future deals.

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100 million dollars... the sum is mind boggling... it boggles the mind...

Ovechkin's contract is worth $124m.

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Well, at least we know for certain that Kovalchuk won't be winning a Cup any time soon. He might have actually had a shot somewhere like Los Angeles.

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From TSN :

Ilya Kovalchuk will finally join the New Jersey Devils after his re-submitted contract was officially approved by the NHL just before 3 a.m. (et) Saturday morning.

The re-worked contract now calls for Kovalchuk to collect a reported $100 million over 15 years, with an annual cap hit of close to $6.66 million. The deal is thought to pay out $90 million in the first 10 years and $10 million over the last five.

...

...

“We have been advised today that the NHL has approved the contract between Ilya Kovalchuk and the New Jersey Devils. We are very pleased with this decision which will see Ilya Kovalchuk remain a valuable member of the Devils," said Devils president and general manager Lou Lamoriello in a statement.

“The New Jersey Devils acted in good faith throughout this entire process and operated solely on the assumption that our negotiations and both contracts reached were fully

compliant with the CBA, as written and applied. Arbitrator Bloch reached that same conclusion in his August 9 decision. We are pleased that this matter has finally been

concluded to all parties' satisfaction.”

...

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Interview w/ Kovalchuk

Yahoo has a interview with Kovy posted. It has a few interesting things in it. He defend's the NHLPA's defense. States he doesn't believe it's effected his pre-season (even though he started training a week late compared to usual). Most notable to me was his confirmation of Brian Burke testifying against contracts of this type (aww... poor Burke missed the train).

Edited by CaliWingsNut

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I don't get it. They set the law in 2005 and then change it "one-thy-fly" in 2010... Why not to change it once again? Too bad Blackhawks din't know how it works before they traded Versteeg, Ladd, and that guys with strange surname beginning with "B".

Any law can be changed with application of sufficient number of lawyers.

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Via @capgeek

Kovy's contract includes a no movement clause for the first 6 years, and a no trade clause for the last 9.

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versus.stats.com story

Devils Fined 3 million + Picks for Kovalchuk contract

Edit: A 3rd round pick next year and a 1st rounder sometime in next 4 years of their choice

via @TSNBobMcKenzie they must inform NHL within 1 day after Stanley Cup Final.

Edit #2: the 3 million dollar fine does not count against their cap.

Edited by CaliWingsNut

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