Sergei Fedorov's money troubles continue

fedorovandovie.jpgFormer Detroit Red Wings legend – and one of the first Russian hockey players to make an impact in the NHL – Sergei Fedorov made a lot of money in his storied NHL career. Unfortunately, it seems that he may have trusted the wrong people because he finds himself in serious financial trouble. In fact, he’s still planning on playing in the KHL at the age of 40 and beyond … out of necessity as much as anything else.

MLive.com’s George Malik shares some sad details about the former Hart Trophy winning center.

Former Red Wings forward Sergei Fedorov is owed $43 million by his former business partner, Joseph Zada, but as Zada either can not or will not repay Fedorov, the former Wing sued the Hyman Lippitt law firm–which represented both Zada and Fedorov at one point–in an attempt to actually receive the $60 million pay-off Zada had originally promised to pay Fedorov to settle their differences.

Subsequently, Fedorov’s lack of finances yielded three bank foreclosures on two homes in Metro Detroit and one in Florida, and, according to LifeSports.ru, Fedorov received worse news today–and it’s news that means that the nearly 41-year-old Fedorov, who played this past season for Metallurg Magnitogorsk, might have to continue his playing career to simply keep paying the bills.

Apparently Fedorov attempted to sue the law firm Hyman Lippitt in hopes of retrieving that $60 million sum but a district court in Michigan dismissed the case. Here’s more from the Lifesports.ru story that Malik helped to translate.

Due to the fact that he was the guarantor of Zada’s bank loans, collectors are pursuing Fedorov. At the end of last year, they tried to steal the hockey player’s luxury Maybach Mercedes Benz, his Maserati, and Ferrari, but the court overturned the decision regarding repossession. Moreover, the forward finds himself in the role of an accused party–an American company recently filed a lawsuit against the player for failing to pay $1 million for two houses in the suburbs of Detroit.

In general, Sergei either needs to find eternal youth in hockey, or better lawyers.

It’s a sad story but the worst part is that it isn’t that rare in sports. Just look at the cases of $100 million athletes such as Antoine Walker, whose bad moves and excessive generosity resulted in seemingly improbable bankruptcy. Professional athletes are just as susceptible to trusting the wrong people, losing big in gambling (Jaromir Jagr, Charles Barkley) and bad investments.

Hopefully Fedorov will get some kind of relief from his money problems. He was a great player who (to my knowledge) never really had any off-ice issues (aside from dating Anna Kournikova maybe?) and proved that Russian players were worth the risk after the fall of the Iron Curtain.

(If you want to read more about the subject, check out Malik’s article.)

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    WATCH LIVE: Rangers at Penguins on Rivalry Night

    New York Rangers v Pittsburgh Penguins - Game Three
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    Tonight, the New York Rangers are in Pittsburgh to take on the Penguins at Consol, in a rematch of the ’14 and ’15 playoffs (the Blueshirts eliminated the Pens from each of the last two postseasons, you’ll recall.)

    You can catch the game at 8 p.m. ET on NBCSN, or watch live online with NBC Sports’ Live Extra.

    CLICK HERE TO WATCH LIVE

    Some relevant linkage for tonight’s tilt:

    NHL on NBCSN: Rangers, Penguins renew acquaintances on Rivalry Night

    Rangers ‘are doing a lot of good things’

    ‘I wonder if that’s Crosby, what happens?’ — AV upset after McDonagh concussed by Simmonds

    Malkin (lower body) to miss rest of week

    Crosby, Karlsson and Trocheck are NHL’s three stars of the week

    Report: With Byfuglien sticking in Winnipeg, Kings ‘may now turn their attention’ to Ladd

    Andrew Ladd, Anze Kopitar
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    Maybe Dean Lombardi and Kevin Cheveldayoff still have something to discuss after all.

    Sure, those Dustin Byfuglien-to-Los Angeles rumors are now dead — On Monday, Big Buff signed a five-year, $38 million extension with the Jets  — but a new rumor has emerged, one that suggests the Kings are interested in another of Winnipeg’s pending UFAs:

    Andrew Ladd.

    More, from the Free Press:

    The common thinking now regarding Ladd is with Byfuglien now committed to a new five-year, US$38-million extension, the window to re-sign the captain is being slammed shut, especially knowing the young core of Mark Scheifele, Jacob Trouba and Adam Lowry all become restricted free agents this summer and will earn raises.

    [Cheveldayoff], not surprisingly, offered no hints Monday after the Byfuglien announcement. Sources say the Jets and Ladd’s camp have kept communication open, but that hardly means a deal is close to getting done. In fact, if anything, the Byfuglien signing has only cranked up more Ladd speculation, including rumours the Los Angeles Kings — who were also thought to be in on any potential Byfuglien trade discussion — may now turn their attention to the Jets captain.

    Ladd’s currently in the last of a five-year, $22 million deal with a $4.4M cap hit and, per TSN senior correspondent Gary Lawless, is seeking a six-year extension “with an average annual value north of $6 million.”

    Which explains why the Jets might be forced to move him.

    That L.A. is in the mix shouldn’t come as a surprise. Lombardi has a history of swinging for the fences with his deadline acquisitions — Jeff Carter, Marian Gaborik and Andrej Sekera, to name a few — and Ladd has a ton of postseason experience, with two Stanley Cups on his resume.

    Report: Jets, Ladd break off contract talks

    At season’s end, Holland will ‘plot a plan’ to deal with Red Wings’ goalie situation

    Detroit Red Wings' Petr Mrazek (34) replaces goalie Jimmy Howard (35) during the second period of an NHL hockey game against the Winnipeg Jets on Tuesday, Dec. 29, 2015, in Winnipeg, Manitoba. (Trevor Hagan/The Canadian Press via AP)
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    “As we wake up today, obviously Petr Mrazek is our number-one guy.”

    That was Detroit GM Ken Holland today on TSN 1200 radio in Ottawa, when asked about his goaltending situation.

    “Obviously” was the right word to use.

    Mrazek, 23, has been brilliant this season, going 20-10-4 with a .933 save percentage. Without him, it’s fair to wonder if the Wings would be in a playoff spot.

    But Mrazek, a pending restricted free agent, has also created a problem of sorts for Holland. That’s because 31-year-old Jimmy Howard is already locked up through 2018-19 for a cap hit of almost $5.3 million — and that’s a lot of money to pay a backup, especially one with a .904 save percentage.

    Holland said he isn’t focused on that now.

    “When the year’s out and I’ve got all the information, I’ll sit down and plot a plan heading into the offseason,” he said. “But for now, we’ve got a top, young goaltender in Petr Mrazek and we’ve got a guy that’s in the prime of his career, Jimmy Howard, that’s been the number-one guy here.

    “It’s been tough for [Howard] recently; every time he plays a game he seems to play the second game of a back-to-back. … He’s had some real tough games against some real good teams, hasn’t had a lot of puck luck. Our team really hasn’t played very well for him when he’s been in there, but he keeps battling and he keeps competing.”

    The challenge for Holland might be to sell that story to another GM, because Howard’s save percentage has been below the league average the past three seasons.

    Related: Howard pulled again, calls his performance ‘unacceptable’

    With 1967 expansion, the NHL ‘spread the game from California to New York’

    LOS ANGELES, CA - JUNE 04:  Los Angeles Kings fans gather outside of the arena prior to Game One of the 2014 NHL Stanley Cup Final between the New York Rangers and the Los Angeles Kings at the Staples Center on June 4, 2014 in Los Angeles, California.  (Photo by Kevork Djansezian/Getty Images)
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    The NHL’s “great expansion” of 1967 delivered hockey to California, led to the “Broad Street Bullies” and legitimized the league as a major force in North American professional sports.

    Fifty years ago this week, the owners of the Original Six teams unanimously approved doubling in size by awarding franchises to Los Angeles, San Francisco/Oakland, Philadelphia, Pittsburgh, St. Louis and Minneapolis/St. Paul. No other pro sports league had ever doubled the number of its teams and the move was considered a gamble.

    It proved to be one of the most important decisions in hockey history, and helped convince many that the NHL was for real.

    “It had a major impact on the league because thereafter there was almost a lineup for other cities to want to join the league,” said Brian O’Neill, the league’s former director of administration who oversaw the 1967 expansion draft and scheduling. “That was a key to the expansion, to spread the game from California to New York. … It convinced a lot of people that hockey was a major sport now and it was coast-to-coast and that selling franchises would not be difficult.”

    From 1943 to 1967, the NHL was a stable, six-team league made up of the New York Rangers, Boston Bruins, Chicago Blackhawks, Detroit Red Wings, Montreal Canadiens and Toronto Maple Leafs. The move to expand came in the league’s 50th season amid plenty of internal debate.

    Owners considered adding two teams at a time, but at their Feb. 7-9 meeting in New York they unanimously approved what President Clarence Campbell later referred to as the “great expansion.” Hockey had some catching up to do: Major League Baseball had 20 teams, the National Basketball Association had nine and the National Football League had 14, with more on the way.

    The MLB, the NBA and NFL all had a presence in California, too, something the NHL needed.

    “The big issue, of course, is television,” O’Neill said Tuesday. “They wanted to get national. That’s why it was important to have L.A. and at that time Oakland, and then all the others followed in.”

    Owners each paid the $2 million expansion fee, and the Los Angeles Kings and California Seals joined the fold along with the Philadelphia Flyers, Pittsburgh Penguins, St. Louis Blues and Minnesota North Stars. New owners needed the draw of facing traditional opponents while the old guard owners wanted to make sure their teams could still win, so the expansion teams went into the new West Division with the champions of East and West meeting for the Stanley Cup.

    The goal was to help the new teams but not hurt the old ones.

    “When they made expansion, they took the players that were expendable, put them on a team and called them a team,” said Bob Kelly, who was part of the early Flyers teams. “We didn’t have the real identity that an Original Six team has or the history behind that. (We were) just happy to be in the NHL.”

    It worked in most places, as an Original Six team won the Cup the first six years before Kelly and the Flyers’ “Broad Street Bullies” teams broke through with back-to-back titles in 1974 and 1975.

    “Really, the Original Six was kind of who we were, and then all of a sudden here we are an expansion team and seven years later we were able to win the Cup,” Kelly said Wednesday. “That’s what you dream about as a kid.”

    Despite the Oakland-based Seals never catching on and moving to Cleveland before folding in 1978, the NHL expanded to such places as Vancouver, Buffalo, Long Island and Washington, and reached 21 teams with the integration of the World Hockey Association in 1979.

    Hockey returned to the Bay Area with the San Jose Sharks in 1991, and after the North Stars became the Dallas Stars in 1993, Minnesota got the Wild in 2000. The NHL returned to Atlanta (which didn’t work) and Denver (which did) and has landed in nontraditional markets like Phoenix, South Florida and Tampa.

    The league stands at 30 teams and is considering expanding once again to either 31 or 32, with Las Vegas and Quebec City under consideration.