They didnt drop Richards, I'm looking for the tweet but they are stuck with a percentage of his cap hit for a LONG TIME.
http://www.hockeybuzz.com/blog/Jason-Lewis/Kings-and-Richards-Finally-Reach-a-Settlement/179/71593
Bob McKenzie
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@TSNBobMcKenzie
Regarding Mike Richards-LAK settlement that's expected to be concluded today: 1. LAK will pay the cap recapture penalty for next 5 years.
Bob McKenzie
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@TSNBobMcKenzie
LAK will also face annual cap hit equal to dollars being paid out to annually to Richards and cap hit will last as long payment schedule.
Elliotte Friedman
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@FriedgeHNIC
Hearing that Mike Richards will be on the cap until 2031. Not sure of payment, but that is the term.
Bob McKenzie @TSNBobMcKenzie Oct 10
We know Mike Richards' payout from LAK goes until 2031 (!) but we don't know (yet) exact $ figure. Shouldn't, for now, be too hard to guess
Bob McKenzie @TSNBobMcKenzie Oct 10
Just guesswork, but I suspect number somewhere in middle, around $8.35M, give or take a million. We'll see how close, or not, it ends up.