Re: NHL '10 - '11 Thread
NHL coming down on the first Kovalchuk deal..
Quote:
Devils penalized over Kovalchuk deal -ESPN.com news services
The New Jersey Devils ended up with Ilya Kovalchuk in the end, but it is costing them more and more.
Since an arbitrator found that the team circumvented the collective bargaining agreement by trying to sign the forward to a front-loaded 17-year, $102 million deal in July, the NHL handed down a penalty on Monday.
The Devils were fined $3 million and must forfeit their third-round draft choice in 2011 and a first-rounder in one of the next four drafts. The team can choose which draft and must tell the league following the conclusion of the Stanley Cup finals in that year.
The Devils will not see their salary cap reduced as a result of the fine.
In a settlement with the league, the Devils were able to sign Kovalchuk to a 15-year, $100 million contract.
Devils general manager Lou Lamoriello issued a statement in response to the ruling.
"We were today advised of the ruling by the Commissioner with respect to the Kovalchuk matter," the statement read. "We disagree with the decision. We acted in good faith and did nothing wrong. We will have no further comment."
The league said in a statement that it now considers the matter closed.
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