Sunday, June 26, 2011

Drury Buyout Once Again A Possibility

Two weeks ago the story broke that the Rangers were preparing to buy out the final year of captain, Chris Drury's contract. However, it was quickly reported that Drury planned on applying for a designation of being medically unable to play next season because of a degenerative knee injury. Thus, he'd be ineligible to be bought out by the Rangers but he would basically be forced into retirement due to his knee injury.

Larry Brooks is now reporting "that [the] captain is now leaning toward accepting a buyout, according to individuals familiar with the situation."

So how do the sides proceed from here:
The deadline for buyouts is Thursday, but procedure dictates a player must be placed on, and go through, unconditional waivers after official notification of the intent to buy out. The Rangers would have to place Drury on waivers no later than Tuesday in order to comply with procedures.
Basically, we may have an end to all of the speculation by Tuesday if the Rangers do in fact place Chris Drury on waivers. The cap ramifications as a result of the buyout (if it happens), were laid out by The Post:
If Drury does indeed accept the buyout rather than file for the medical exception, the Rangers would carry approximately $3.717 million of dead cap space on his deal through the summer and next season, a saving of approximately $3.333 million.

The club also would face a charge of approximately $1.667 million for 2012-13, pending a new CBA that could erase that obligation.
I guess we'll just have to wait and see.

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