Road accident deaths drop by 50% in Saudi Arabia    SR 3.95 million fines for 3 employees of a company and 6-month jail for one for violating Capital Market Law    Qassim emir launches 52 health projects costing a total of SR456 million    BD and INS partner to elevate standards of infusion care in MENAT    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    Italy's 'Libra' to arrive in Albania with just eight migrants on board    South Africa shuts border crossing with Mozambique over poll unrest    French families sue TikTok over harmful content that allegedly led to suicides    Harris tells supporters 'never give up' and urges peaceful transfer of power    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Crown Prince hails Saudi medical team that performed world's first fully robotic heart transplant    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



NHL rejects Kovalchuk's 17-year deal with Devils
By Ira Podell
Published in The Saudi Gazette on 22 - 07 - 2010

Ilya Kovalchuk's plan to spend the rest of his career with the New Jersey Devils took a big hit just hours after the star forward's unprecedented deal was announced.
Kovalchuk beamed Tuesday during a news conference after receiving a 17-year, $102 million contract with the Devils – the longest deal in NHL history. But before the day was finished, he was in limbo again.
Just one day after Kovalchuk and the Devils agreed to the record-setting contract, the league determined that it was illegal, a person familiar with the issues raised told The Associated Press on condition of anonymity because the NHL hadn't made a formal announcement.
The contract was rejected because years of low salary at the end of the deal were added for the sole purpose of lowering the cap hit. The person added that it was determined that neither the Devils nor Kovalchuk believe he will play the final years of the deal at those terms. The All-Star was slated to earn only $550,000 in each of the last five seasons of the contract that was to run through the 2026-27 season, when Kovalchuk will be 44.
Kovalchuk was to earn $98.5 million of the $102 million in the first 11 years of the deal.
Neither the Devils nor Kovalchuk's agent, Jay Grossman, commented after the contract was rejected.
Based on provisions in the collective bargaining agreement between the players' association and the league, the union has five business days after being informed that the contract was rejected to file a grievance on behalf of Kovalchuk. The deal would remain voided if no grievance is filed or if an arbitrator agrees that the contract is illegal.
The arbitrator would have 48 hours to decide if the league was right to reject the contract. If the arbitrator agrees, the contract would be voided, and Kovalchuk would again be an unrestricted free agent.
Kovalchuk and the Devils both expressed relief earlier Tuesday that negotiations were over and that his long-term hockey future would play out in New Jersey. Now there is no assurance he will ever play for the team again.
Kovalchuk smiled throughout a news conference at the Devils' home arena in which he officially returned to the team after a lengthy free-agent courtship. Kovalchuk finished last season with the Devils after being traded by the Atlanta Thrashers, who couldn't get him signed before he was set to hit the open market.
Kovalchuk dismissed money as a main factor in his decision to stay with New Jersey. He instead cited long-term security for him and his family and the opportunity to win the Stanley Cup with an organization that boasts three titles in 15 seasons.
Kovalchuk's contract would have topped the 15-year deal goalie Rick DiPietro got from the New York Islanders, and two-time NHL MVP Alex Ovechkin's 13-year pact with Washington.
Kovalchuk was to earn $6 million each of the next two seasons, $11.5 million for the following five seasons, $10.5 million in the 2017-18 season, $8.5 million for the 2018-19 season, $6.5 million in 2019-20, $3.5 million in 2020-21, $750,000 the following season, and $550,000 for the final five years of the unprecedented deal.
The Devils would have absorbed an annual salary-cap hit of $6 million – the average amount per season. That number was brought down because of the extended years at low salary at the end.
Whether he and the Devils can agree a new deal remains to be seen. The Los Angeles Kings and the Russian KHL were also interested in signing Kovalchuk before he reached agreement with the Devils two weeks into the free agent shopping season.


Clic here to read the story from its source.