NHL News: LA Kings Terminate Richard's Contract Due to Breach

The Los Angeles Kings have announced on Monday that Mike Richards’ deal will be terminated claiming the forward committed ‘material breach’ of its contract terms.

The Kings, who have put Richards on waivers again over the weekend, declared their plan in attempting to get out from Richards’ enormous deal, which carries an annual salary cap hit of $5.75 million through 2020 according to USA Today. The 30-year-old veteran began his 12-year $69 million deal with Philadelphia in 2008 and was acquired by Los Angeles in 2011. The contract termination enables Richards to be an unrestricted free agent and sign with another team.

However, releasing the two-time Stanley Cup champion will not necessarily save the team cap space with the Kings still hooked with a $1.32 million hit for the next five years according to TSN’s Bob McKeznie. The Kings released a statement on their official website about Richard’s breach of contract.

“The Los Angeles Kings today have exercised the team’s right to terminate the contract of Mike Richards for a material breach of the requirements of his Standard Player’s Contract. We are not prepared to provide any more detail or to discuss the underlying grounds for the contract termination at this time,” the statement said.

The Kings were reported to buy out the final years of Richards’ contract and absorb the corresponding cap hit through the 2024-25 season. Kings general manager Dean Lombardi said earlier this month that he was looking for other options that would allow his team to unload some of the burden of Richards’ deal including either a buyout, a trade, or a subsidy. However, Lombardi was not able to look for other teams that will take Richards’ decreased production and his remaining five-year $22 million contract. National Hockey League Players Association is expected to look into Richards and the Kings situation.

“We are in the process of reviewing the facts and circumstances of this matter, and will discuss the situation with the player in order to determine the appropriate course of action,” NHLPA spokesman Jonathan Weatherdon said according to reports of LA Time’s Lisa Dillman.

Richards was demoted to minors last season after his play declined sharply. He totaled 44 points with the Kings and highlighted his career with two Stanley Cup championships.