Sharks’ Evander Kane files for bankruptcy with $26.8 million of debt (upd: may void contract)

[604]

The people who relish in the dude's misery are weird. Stop for a second, relax, think about the fact that what the dude does has absolutely zero impact in your life.

Well, to be fair, I was asked if I wanted to lend him money, through a broker, last year.

So, based on this news, I'm loving the fact that I didn't lend anything and having a good chuckle.

 

[YearsintheWilderness]

Extremely common for professional athletes to go broke. I highly recommend this documentary:

ESPN 30 for 30: Broke

 

[Angry Little Elf]

Regardless of what you think of Kane. Bankruptcy and addiction is awful. Don’t even wish that on my worst enemy

 

[Jumptheshark]

We all knew this was coming by the actions we know he did. IE booking several private jets to fly him around, booking tickets at high end events and being an overall big spender

 

[Voight]

Dude acts like is on one of those NBA Max contracts.

Honest to God. The way he lives makes it seem like thats the case, even though theres at least 5 or 6 NBA guys who make per year what he'll make over the life of the contract.

They say James Harden just wants to chase rappers around.... well Kane just wants to chase NBA stars around it seems

 

[JackSlater]

Unfortunate for him, and while I do have some sympathy I'm also curious to see if/when any good heckling comes out of this.

 

[Advanced stats]

Is this publicly known or are you “in the loop”?

It's all public. Ages and everything

 

[brendan smith]

Unfortunate for him, and while I do have some sympathy I'm also curious to see if/when any good heckling comes out of this.

Everyone holds up an invisible money phone and chants, “Floyd You There?”

 

[Idlerlee]

Good grief. The NHL clubs should really offer players the chance to have a % of their income handled by the clubs accountants and put away into stock options or another type of high interest saving option for the duration of their contract so they don't run the risk of leaving their careers riddled in crushing debt. Some people just can't help themselves. Millionaires with poor impulse control are just temporary millionaires.

 

[Advanced stats]

Going forward what does this do for his hockey ability?

I can see so many outcomes..
Does he take a year or 2 off?
Does it distract him?
Does he play harder?
Does he have enough to focus on hockey?
Is it a distraction for the sharks?
What happens if he gets bought out?

Honestly so many questions

 

[tucker3434]

I get it when guys retire then immediately go bankrupt. It can be really hard to make that adjustment. But Kane is in the middle of the most lucrative contract of his career. He should be a long way off of issues like this.

On the plus side, maybe it isn’t too late for him. He’s still got some earning years ahead. If he can learn from this, he can still have an extremely comfortable retirement.

 

[Skinnyjimmy08]

Crazy he still has 35 mill left on his contract. He can go bankrupt and do this all over again

 

[Sysreq]

He has $32 million left on his current deal, he ain't walking away from that as no one will sign him to something like that in a year while we are dealing with a flat cap.

The whole sit the year out is a threat to creditors in order to get them to agree to some form of settlement that is more favorable to him then the current terms of his obligations.

Also a judge is likely not to let Kane off the hook given his earnings over the next 5 years. He will likely have to liquidate most of his assets and he will have a certain percentage of his wages garnished for the rest of his contract. Same thing happened to Johnson.

32 million before taxes, league withholdings and fees on a debt of 28 million. Once you consider California’s insane tax rate on athletes (federal + state is 52%) plus the 20% withholding due to COVID plus the 5% agent fees, he is very clearly underwater by a large margin. Even if he plays out this contract, liquidates all existing assets, he will still owe more than 5 million to his creditors.

Dude is broke.

 

[John Price]

coming up next Jake Paul vs Evander Kane boxing match

 

[HFBS]

He should sell the clip of him knocking out Matt Cooke here.

Be in the black by tomorrow.

 

[Lonny Bohonos]

My friend owns a pizza place in South Van near where Kane grew up, and I have some friends that went to JO and Killarney, so I’m in that neighbourhood quite a bit. It’s not a ghetto but I’d say it‘s on the lower end of the middle class scale. I know a disproportionate amount of people who got involved in gangs, drugs, etc. who came from that neighbourhood.

I mean Vancouver is rife with gangs. The more notious ones ignoring HA and Chinese international gangs all seem to come from well off or at least solidly middle class. The Bacon Brothers and many of the Indo Canadian gangs as well.

 

[Lonny Bohonos]

He should sell the clip of him knocking out Matt Cooke here.

Be in the black by tomorrow.

Thats racist.

 

[Lonny Bohonos]

Regardless of what you think of Kane. Bankruptcy and addiction is awful. Don’t even wish that on my worst enemy

It is. And its sad.

I often wonder how many people tried to help him and were pushed away.

 

[The Hanging Jowl]

Regardless of what you think of Kane. Bankruptcy and addiction is awful. Don’t even wish that on my worst enemy

I had a friend with a gambling addiction. It's incredibly destructive. Ruined his whole life. Lost his job, his house and his family. I've never understood it myself since gambling is not appealing to me but I do drink way too much so I try to think of it in terms of my addiction. I genuinely feel really bad for Kane.

 

[The Hanging Jowl]

He should sell the clip of him knocking out Matt Cooke here.

Be in the black by tomorrow.

Do you write for ESPN?

 

[ottomaddox]

Good grief. The NHL clubs should really offer players the chance to have a % of their income handled by the clubs accountants and put away into stock options or another type of high interest saving option for the duration of their contract so they don't run the risk of leaving their careers riddled in crushing debt. Some people just can't help themselves. Millionaires with poor impulse control are just temporary millionaires.

Of course teams offer these things. Kane could have even made an appointment at a bank for retirement/investment advice. I advise all of you people to do the same. It's pretty tried and true.

 

[Empoleon8771]

I can't even fathom spending $26.8 million in my lifetime, let alone being $26.8 million in debt while earning like $50 million over my career.

Just insanity.

 

[al secord]

You only needed one money phone, Evander. One!

 

[Jackpot Jaret]

I've been a LONG-time defender of Kane, but i officially give up

 

[63 others]