All reports are that the Henrik Lundqvist buyout is about to happen

Multiple sources are reporting that the New York Rangers are buying out Henrik Lundqvist

Darren Dreger of TSN was the first to report it, followed by Larry Brooks of the New York Post.  The biggest non-secret concerning the New York Rangers is going to be announced as early as tomorrow, a buyout of Henrik Lundqvist.

This decision has been inevitable since the Rangers flew back from Toronto and Jeff Gorton and John Davidson made it clear that they were not going into the 2020-21 season with three NHL goaltenders on the roster.

There were some heartfelt discussions between Davidson, Lundqvist and his agent Don Meehan, and with the buyout window opening this week, the decision was inevitable.,  There was always the chance that Lundqvist would have retired or a team would have approached the Rangers about a  trade, but there was always too much money on the table.

We had a hint this was coming when LIbor Hajek told a Czech website that Lundqvist had talked to his teammates about leaving the Rangers after the loss to Caroline.

Financials

With the buyout, Lundqvist is an unrestricted free agent.  The Rangers save $3 million in salary cap hit in the coming season while taking  on $1.5 million in dead cap space in 2021-22.  it gives the Rangers $23,091,867 in cap space making them one of the teams with the most cap space in the NHL.  It means Jeff Gorton has the financial flexibility to make some moves.

What is amazing is that they have so much cap space when they are saddled with almost $12.5 million in dead cap space this season.  That’s 15% of the total budget.   In 2021-22 the number drops to about $4 million in dead cap space.  The fact that they may have as many as ten players on Entry Level Contracts on the major league roster makes that possible.

With the buyout, Lundqvist can follow in the steps of Kevin Shattenkirk and try to hook up with a contender, if not as a number one goalie, but as a backup who will get meaningful minutes.   He will get a chance for the brass ring, a Stanley Cup, the only honor that eluded him in his 15 years with the Rangers.

What’s next

There has been no official word about the buyout from the Rangers.  It will most likely be announced as early as tomorrow.  Whether there will any kind of press conference remains to be seen.  In most buyouts there are kindly worded statements from the organization and a carefully worded statement from the player. Lundqvist is in New York City so he may be available.

This news will unleash a torrent of stories about Lundqvist and his career.  Let’s leave that to other stories and just say that it’s a sad end to the New York Ranger career of one of the greatest players in franchise history.   Lundqvist follows in the footsteps of Ed Giacomin, Jean Ratelle, Andy Bathgate, Harry Howell and Brian Leetch, all legendary players and future Hall of Famers banished from New York.

In the salary cap era NHL, it’s all about the money and in this case the team had no choice.

Stay tuned for more information as it becomes available.