PHILADELPHIA (CBS) – The Philadelphia Flyers will use their second compliance buyout on goalie Ilya Bryzgalov, the team announced. The team announced last week they will use their other buyout on Danny Briere.
Teams were given two amnesty buyouts to use when the last collective bargaining agreement was signed between the NHL and the players union.
“I met with Ilya this morning and informed him that we are going to exercise a compliance buyout of his contract,” Flyers general manager Paul Holmgren said in a press release. “This was a very difficult business decision to make for us and we want to thank Ilya for his time here and wish him all the best moving forward.”
Matt Leon talks to CSN Philly’s Sarah Baicker about the move:
The team will still owe Bryzgalov 66% of the value of the contract, but the money will not count against the team’s salary cap. The Flyers will have 14 years to pay off the $23 million they will owe Bryzgalov, which according to Cap Geek is the largest buyout in team history.
The entire Bryzgalov contract, signed prior to the 2011 season, is worth $51 million over nine years.
By using the buyout on Bryzgalov, the team will save $5.667 million against the salary cap year year remaining on the deal.