Report: Sharks Considering Voiding Evander Kane's Contract

Evander Kane of the San Jose Sharks loves to be in the spotlight but we don't think it's for things like this. According to reports, the Sharks are considering voiding Kane's contract amid his bankruptcy.

The initial report surfaced from The Athletic and noted according to federal bankruptcy court officials, the team was thinking about ending the forward's contract. 

Several creditors, including Zions Bancorp, filed recently, asking the court, Professional Bank, and South River Capital to convert the bankruptcy from Chapter 7 to 11, which is typically used for businesses. The change would be significant because, under Chapter 11, the $29 million cited by the lenders as remaining on Kane’s contract would be available to creditors like Zions, which is owed $4.25 million. It would not be under Chapter 7, according to Zions, which argues Kane’s losses are business-related.

Kane filed for Chapter 7 bankruptcy in January citing $26.8 million in debt and $10.2 million in assets. Kane has $29 million total remaining on his contract.

Expect to hear more later this month on what path Kane and his legal team take towards finalizing their plans for his contract.

Photo credit: © Darren Yamashita-USA TODAY Sports

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