Kings could have to pay huge cap penalties for termination of Mike Richards

mike richards termination

The NHL Players' Association has filed a grievance on behalf of Mike Richards against the Los Angeles Kings, contesting the termination of his contract. The Kings terminated Richards' contract in late June for what they called "a material breach of the requirements" of his contract.

Richards had five years and $22 million left on his contract. By terminating the deal, the Kings get out from the final five seasons, and the average annual value of $5.75 million, of Richards' $69 million, 12-year contract without a cap penalty. The 30 year old native of Kenora, Ontario, is under investigation by the Royal Canadian Mounted Police for an incident involving prescription drugs and an attempt to cross the border between the U.S. and Canada.

The NHLPA feels the move made by the Los Angeles Kings was illegal under the terms of the current collective bargaining agreement. If the Kings lose the grievance, they would have to pay cap penalties that could be as high as $4.21M per season until 2025.

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