According to Joe Smith of the Tampa Bay Times, the Bolts have started the process of buying out Ryan Malone. Tampa Bay has one more compliance buyout at their disposal. The buyout will save the Lightning a $4.5 million cap hit by spreading two-thirds of his $2.5 million salary ($1.67 million) evenly over two years. (Photo/Susan Ferlita)
Under the terms of the collective bargaining agreement, Malone will receive $833,333 in compensation from Tampa each of the next two years. He is also an unrestricted free agent and free to sign with any other team.
Mike Liut, agent for Malone, said they were certainly expecting the Lightning to buy him out and it was a “logical step”
Since Malone had a no movement clause, he chose not to go on waivers before the Bolts executed the buyout.
Buying out Malone provides the Lightning with cap apace in readying for the NHL’s Free Agent Frenzy on July 1.
According to Smith:
There were several reasons the Lightning considered buying out Malone, who was heading into the final year of a seven-year, $31.5 million deal. There’s his legal issues, with Malone facing one charge of DUI and one charge of cocaine possession stemming from an April arrest in Tampa; he’s pleaded not guilty, with his next court date in July.
But Malone has also struggled on the ice, hampered by injuries and inconsistency. This season was a disappointment for Malone, who started on the top line with Steven Stamkos and Marty St. Louis but ended up on the fourth line and occasionally was a healthy scratch.
Malone fractured his right ankle in November blocking a shot and missed 16 games. When he returned, he said “nothing seemed to really click.” Malone didn’t score in 17 games in a row before being a healthy scratch in four in a row.
A three-time 20-goal scorer with the Lightning, Malone’s five goals and 15 points in 57 games were his fewest in a season in which he played at least 50 games. The past two seasons, Malone has appeared in a combined 81 games.
Here is the release from the team:
LIGHTNING EXERCISE COMPLIANCE BUYOUT ON FORWARD RYAN MALONE
TAMPA BAY – The Tampa Bay Lightning have used their second, and final, compliance buy-out, as allowed by the NHL’s Collective Bargaining Agreement, on forward Ryan Malone, vice president and general manager Steve Yzerman announced today. Malone will become an unrestricted free agent. Per the CBA, the Lightning will pay two-thirds of the value of his existing contract over twice the term of the deal.
Malone has spent the previous six seasons with the Lightning after being acquired from the Pittsburgh Penguins on June 28, 2008. He has played in 342 games with the Lightning during that time, recording 92 goals, 30 power-play goals, 201 points and a minus-28 rating. Malone has played in 641 career NHL games with Tampa Bay and Pittsburgh with 179 goals, 370 points 57 power-play goals and 25 game-winners. He has appeared in 43 Stanley Cup Playoff games, registering nine goals and 22 points.
~BE THE THUNDER~
Here’s hoping Malone is getting the help he needs. It appears his career in Tampa is over.
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