The L.A. Kings have placed Mike Richards on unconditional waivers for the purpose of a buyout, according to James Mirtle of The Globe and Mail.
According to Capfriendly.com, the buyout will cost the Kings $14.7 million over 10 years. He will count against the Kings’ cap through the 2024-25 season. Richards’ largest cap hit will come during the 2018-19 and 2019-20 seasons when he will account for $4.2 million against the cap in each season.
Richards’ decline in play saw him land on waivers during the 2014-15 season. After clearing he spent 16 games with the Manchester Monarchs of the American Hockey League scoring three goals and 11 assists.
Lombardi told me earlier this month: "It could be the worst decision I've ever made, but for all the right reasons." #LAK
— Katie Strang (@KatieStrangESPN) June 28, 2015
Buyout is a long-term albatross, but does give Kings more than $9 million in cap room, total, for this summer. Can sign Dman, goalie, RFAs.
— Rich Hammond (@Rich_Hammond) June 28, 2015
The 30-year-old had five goals and 11 assists in 53 NHL games during the 2014-15 season to go along with a minus-10 rating.
Richards has five years remaining on his 12-year, $69 million contract.