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sort of OT- jagr contract

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Old
02-18-2007, 06:55 PM
  #1
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sort of OT- jagr contract

why does washington pick up half his contract?
thx !

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02-18-2007, 06:57 PM
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Fish on The Sand
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it was an agreement made as part of the trade.

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02-18-2007, 06:58 PM
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B.D. Gallof
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from news item at time. explains the process and deal:


The Washington Capitals have traded All-Star forward Jaromir Jagr to the New York Rangers in exchange for forward Anson Carter.

''We've been trying to make this deal for quite some time,'' said Rangers head coach and general manager Glen Sather during a conference call Friday. ''If you look at his track record, he has been one of the successful players in the NHL.''

''We think we need a shot in the arm right now, he was available, we made the deal. We think that he's going to help us get into the playoffs and go far into the playoffs once we get there.''

TSN has learned the Capitals are picking up approximately $20 million of the remaining $44 million on the contract after this season. Sources have told TSN Jagr has agreed to defer $1 million a year for the balance of the contract. That money is deferred with interest and guaranteed.

Before the restructuring of his contract, Jagr was scheduled to earn $11 million a year in each of the next four seasons beyond this one. There is a club option for a fifth year, also at $11 million, but there are ways the fifth year could become guaranteed to Jagr in the event of the following:

If he scores 40 goals or 90 points and his team wins the first round of the playoffs in the final year of the contract.
If he scores 80 goals or 180 points in the final two years of the contract and his team wins two rounds of the playoffs.
If he wins a major award in the final three seasons of the deal or his team wins two Stanley Cups in that time.

The deal between the Caps and Rangers was effectively agreed to yesterday, sources said, but the re-structuring of the contract had to be negotiated this morning between the Rangers and Jagr's agent. With the addition of Jagr's contract, the New York Rangers now own the highest payroll in the NHL at over $78 million this season, surpassing the Detroit Red Wings.

Now Jagr will make $10 million a year for the balance of the contract with $1 million per year deferred with interest. Of that $10 million per year, the Caps are picking up about half for the four year period.

"This was a contract that we had to move," said Capitals vice president and general manager George McPhee. "Nobody wants to trade good players but if you can't afford it, you have to do so."

McPhee said he wouldn't have traded him if the team did not need to reduce payroll.

If he'd have scored 300 points, we still couldn't afford him,'' said McPhee. ``He's a really good player.

It was a nice try by us. It was a chemistry experiment that didn't work. We'll see what else we can do to build a good team.''

"This trade is a good one in that it moves the largest player contract in the NHL to a team that can absorb it, and it provides us with options as we seek to improve our team," Washington majority owner Ted Leonsis said. "With our current payroll, our ability to improve was hindered as well as our flexibility to plan for the future as we move towards a possible new NHL business model."

When the Capitals and the Rangers broached the subject in late November, Washington was believed to be willing to assume about $20 million of Jagr's contract.

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02-18-2007, 07:06 PM
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thx...mods, u can close this thread now

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Old
02-18-2007, 07:55 PM
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Good Job, Lock it up!

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02-18-2007, 10:03 PM
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I do not know if I missed it.. but I just want to verify that his contract ends in 2009? I thought there was an option after 7 year? Right wrong? Was it a 7 year conract or 8? If Rangers pick up optional year, will Washington still pay half? Thanks

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02-19-2007, 12:52 AM
  #7
Thirty One
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Quote:
Originally Posted by Kaktus View Post
I do not know if I missed it.. but I just want to verify that his contract ends in 2009? I thought there was an option after 7 year? Right wrong? Was it a 7 year conract or 8? If Rangers pick up optional year, will Washington still pay half? Thanks
I believe it's 8 years with the 8th being the option year, which the Caps do not pay half

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Old
02-19-2007, 05:51 AM
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Quote:
Originally Posted by -31- View Post
I believe it's 8 years with the 8th being the option year, which the Caps do not pay half
The Capitals are still on the hook for 2008-09 if the Rangers pick up the option or if Jagr guarantees the option

Quote:
The above scenario marks the first of a number of trigger mechanisms included in the final three years of his agreement with the New York Rangers. If Jagr fails to win one of the major awards this season, he will again have the opportunity to activate a very substantial option which includes point totals next season.

What makes it able from the Rangers' perspective is that the Washington Capitals will remain on the hook for roughly 30 per cent through 2009
http://www.sportsnet.ca/hockey/artic...31_172257_5704

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02-19-2007, 07:08 AM
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Quote:
The Washington Capitals still would be on the hook for approximately $4 million for extra years that Jagr might trigger by meeting spelled-out performance thresholds. So if he were to win an MVP or a scoring title or a playoffs MVP and trigger an extension through 2008-09 of the seven-year deal he signed with the Caps in 2001, Jagr indeed would be owed another $8.36 million, but only about half of that would be paid by the Rangers and only that much would count against their team cap.

In other words, Jagr wouldn’t be saddling the Rangers in 2008-09 with a cap-killing contract by triggering that clause, he’d be giving the Rangers another year of his services at a bargain rate.

Presuming, of course, that he still wants to play and still is playing at a high level by then
http://blogs.nydailynews.com/rangers..._nhl_debut.php

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Old
02-19-2007, 11:02 AM
  #10
Thirty One
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Quote:
Originally Posted by RangerBoy View Post
The Capitals are still on the hook for 2008-09 if the Rangers pick up the option or if Jagr guarantees the option



http://www.sportsnet.ca/hockey/artic...31_172257_5704
awesome, thanks

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