Earlier today, Darren Dreger tweeted the following, which left many people scratching their heads.
Told the Coyotes are strongly considering buying out Mike Ribeiro. The veteran forward is under contract through 2016-2017. Not official.— Darren Dreger (@DarrenDreger) June 27, 2014
Two hours later, the Coyotes made it official by announcing that they have initiated the buyout procedure for Ribeiro.
BREAKING: #Coyotes have initiated a buyout of the remaining three years of center Mike Ribeiro's contract. (more)— Arizona Coyotes (@ArizonaCoyotes) June 27, 2014
Because Ribeiro signed his contract under the new CBA, this will not be considered a "compliance buyout" and the cap hit will remain for the next six seasons at $1,944,444 per season. The total cost of the buyout will be $11,666,667 which is less than the $17,500,000 remaining on his contract.
Although Ribeiro had a bad first season with the Coyotes and this will save them a bit of money in the long run, this was not a cost saving move according to Sarah McLellan.
Maloney: "Mike had some real behavioral issues we felt we could not tolerate going forward."— Sarah McLellan (@azc_mclellan) June 27, 2014
Where the Coyotes go from here remains to be seen.