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Just weeks after filing for bankruptcy and listing almost $27 million in total debts, Evander Kane and the San Jose Sharks are considering terminating the remaining four-plus seasons on his seven-year, $49 million contract.
According to Daniel Kaplan and Kevin Kurz of The Athletic, Kane and the Sharks told federal bankruptcy court that they are considering scrapping the contract, which is scheduled to pay the forward another $29 million.
While on the surface this seems backwards, the contract itself is what Kane used to acquire loans from multiple creditors. If the contract were to be terminated, it could, according to The Athletic, "deprive creditors of their main source of financial redress."
The deadline to terminate the contract was recently pushed back another 90 days by a bankruptcy judge, which likely means that Kane will play out the remainder of the season in San Jose and continue earning on the deal.
San Jose, meanwhile, may just be interested in scrapping the deal for the sole reason that Kane is failing to live up to the expectations tied to a $7 million annually salary. Kane does have a respectable nine goals and 20 points in 23 games for San Jose and is the team's second-leading scorer, which would be considered reasonably strong production in a vacuum, but perhaps not enough considering his annual intake and the Sharks' status as a re-tooling organization dealing with the financial repercussions of playing during a pandemic.
Both Kane and the Sharks remain mum on the subject.
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