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Arizona Coyotes buy out Mike Ribeiro

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In their first act with their new name, the Arizona Coyotes announced today that they will be buying out the final 3 years of forward Mike Ribeiro's contract.

Greg M. Cooper-USA TODAY Sports

Earlier today, Darren Dreger tweeted the following, which left many people scratching their heads.

Two hours later, the Coyotes made it official by announcing that they have initiated the buyout procedure for Ribeiro.

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.

Where the Coyotes go from here remains to be seen.