The San Jose Sharks are reportedly considering voiding the remaining years on Evander Kane’s seven-year contract, just months after the star forward filed for bankruptcy.
The Sharks informed the U.S. federal bankruptcy court in a motion this week that they are considering terminating Kane’s seven-year, $49 million contract signed in 2018 which has a remaining $29 million payout, The Athletic reported Wednesday, citing sources.
Kane filed for Chapter 7 bankruptcy back in January, claiming more than $26.8 million in debts, $1.5 million in gambling losses and more than $10.2 million in assets.
Sources told The Athletic that the purpose for filing the motion, which Kane was also listed on, would be to possibly “deprive the creditors of the main source of financial redress.”
The team issued a statement to The Athletic on Wednesday saying: “The Sharks are 100 percent committed to honoring Evander Kane’s contract, and have no intention of having it terminated.”
The Sharks will have until June 7 to decide if they will end Kane’s contract, meaning he will likely finish out the season in San Jose.
Kane is the Sharks’ second-leading scorer with 20 points (nine goals, 11 assists) in 23 games. He helped snapped a three-game losing streak on Monday when he scored 41 seconds into overtime, beating the St. Louis Blues 3-2.