Tampa Bay Lightning general manager Steve Yzerman announced today that the team will use a compliance buyout on Vincent Lecavalier.
“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,” said Yzerman. “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.”
“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. The economics and structure of the CBA are necessitating this decision. We at the Lightning are excited at the newly created opportunities this presents to us,” stated Yzerman. (Photo/Susan Ferlita)
Lecavalier will become a free agent on July 5.
The buyout is the largest in NHL history and will cost Tampa Bay a total of $32.67 million over 14 years.
As for Vinny, he earned $40 million in salary over the past four seasons and will pick up $30 million more for the buyout …so $70 million total for four seasons.
Via TampaBy.com:
“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, goals with 383, power play goals with 112 and game-winning goals with 60. Lecavalier played 14 seasons in Tampa Bay, posting 12 consecutive seasons with 20 goals or more, four NHL All-Star appearances and a Maurice “Rocket” Richard Trophy as the league’s leading goal-scorer (52 in 2006-07). He served as an alternate captain in 2004 when the Lightning won the franchise’s first and only Stanley Cup. The NHL also recognized Lecavalier for his community contributions with the King Clancy Memorial Trophy and the NHL Foundation Player Award in 2008. He formed the Vinny Lecavalier Foundation in 2003, eventually opening the Vincent Lecavalier Pediatric Cancer and Blood Disorder Center at All Children’s Hospital in St. Petersburg in 2010.”
GM Steve Yzerman also said there is no plan this year to use his second compliance buyout. “We’ll see what happens next year but for this year there’s no plan”
Here is the email sent to all Lightning season ticket holders from GM Yzerman:
“I am writing to inform you that we have elected to “buy-out” the contract of Vincent Lecavalier today. Working under the parameters set forth in the new collective bargaining agreement (CBA), each National Hockey League team is permitted two “compliance buy-outs” over the next two years. We have elected to use one of these buyouts to better position ourselves to operate under this new CBA. In buying-out Vinny’s contract we are creating approximately $7.7 million of salary cap space for each of the next seven seasons as his contract will no longer count against the team’s cap.
The decision to part ways with Vinny was not made easily. In fact, it will cost the Lightning (and owner Jeff Vinik) nearly $32.7 million over the next 14 years. However, 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.
We will continue to have the ability to spend to the salary cap each season, but the “cap-hit” created by Vinny’s contract is proving to be prohibitive as we model roster possibilities for 2013-14 and beyond. The economics and structure of the CBA are necessitating this decision, but we at the Lightning are excited at the newly-created opportunities this presents to us.
As we release Vinny of his obligation to play for the Tampa Bay Lightning, we acknowledge and thank him for his incredible accomplishments on and off the ice for the Lightning, our fans and the Tampa Bay community. Since being drafted in 1998, Vinny has been a significant reason for many of the Lightning’s past successes, including the 2004 Stanley Cup, and his contributions to the people of Tampa Bay have been immeasurable. It was an honor for me personally to recognize him for 1,000 career games played with the Lightning this past season.
Vinny will always be considered a part of the Tampa Bay Lightning family and his legacy will be celebrated at every opportunity. In fact, we have already decided to honor him as a Lightning Community Hero at his first game back in the Tampa Bay Times Forum with his new team, recognizing him for his work with the Vinny Lecavalier Foundation. Please join with me in wishing Vinny all the best as he moves on to the next chapter in his playing career.
We appreciate your continued investment as a season ticket member and I remain steadfast in my optimism for our future. We are committed to building a franchise focused on draft and development; best positioning us for sustained long-term success. The upcoming NHL Entry Draft offers us an opportunity to add a significant piece to our core and we look forward to the start of training camp in September.”
Thank you for your support.
Best Regards,
Steve Yzerman
Vice President and General Manager
Lecavalier spoke with the media through a 2:30 pm conference call. Here are some quotes from the former Bolt:
“In the last few months I knew a compliance buyout was possible.”
Lecavalier said he and his family were hit hard by news of buyout,
“I think the new CBA puts the teams in a tight spot.”
Lecavalier said his charitable foundation will continue its work in the community. “Tampa is like home to me.”
“I want to be involved in Tampa. Tampa is like home to me. Most of my life has been in Tampa, that’s why it’s hard.”
“The most memorable moment was winning the cup in Tampa. This town has really grown as a hockey town.”
“It’s a tough day, but I’m so motivated…to go somewhere else and prove I can still play at a high level.”
“I haven’t made a list (of teams) yet, but I’m open to everything.”
“My door is open to the 29 other teams right now.”
“I believe in my ability and I think I can be a top center for a team.”
When asked about going to Detroit, Vinny said Yzerman was his favorite player growing up.
Lecavalier said he’s looking for a longer-term deal with another team. “I’m sad to leave but now I’m moving on.”
“I don’t think I want a one year contract, I’d prefer a contract that can bring me to retirement.”
Vinny said he would move to wing if asked to.
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