San Jose Sharks forward Evander Kane has filed for Chapter 7 bankruptcy and is considering opting out of the NHL’s 2020-21 season, according to documents filed in the state of California.
Daniel Kaplan of The Athletic was first to report details of the court filings several days after San Jose Hockey Now’s Sheng Peng broke the news that Kane and the Sharks were being sued by Centennial Bank.
In the documents, Kane listed $1.5 million in gambling losses, more than $26.8 million in total liabilities and more than $10.2 million in assets comprised mostly of real estate. The 29-year-old Vancouver native listed seven individuals as dependents living with him, all of whom are relatives.
According to Centennial Bank’s official complaint, Kane owes them $8.36 million. It is the largest of six pending lawsuits involving Kane. Three additional lawsuits relating to Kane from the past year are shown to be concluded, one of which also involved Centennial Bank.
An attachment to the voluntary bankruptcy petition explained Kane’s salary will be lower than expected this season due to the NHL’s shortened season. Kane’s career earnings to date, according to CapFriendly, are $52,956,097. The winger signed a seven-year contract worth $49 million back in 2018.
“A typical season includes 82 regular season games. The current season has 56 games scheduled and Debtor (Kane) understands that even if all scheduled games are played, his salary will be adjusted based upon the reduced number of games,” the attachment stated. “To the extent some of the games do not go forward because of the pandemic (or any other reason), Debtor’s salary will be further reduced. Moreover, Debtor understands that under the current collective bargaining agreement between the players’ union and the owners, 20% of his salary will be withheld and will be released to the owners under the ‘profit sharing’ structure of the agreement due to the anticipated significant reduction in revenues across the league.”
The attachment concluded by suggesting Kane is considering opting out of this NHL season, which begins on Wednesday, amid COVID-19 concerns following the birth of his first child.
The NHL’s opt-out deadline for players on non-playoff teams like the Sharks was Dec. 24. Kane filed for bankruptcy on Jan. 9. Elliotte Friedman touched on this in his latest 31 Thoughts column.
“The Players’ Association in particular would play a significant role in any termination conversation, with five seasons and $29 million remaining on Kane’s contract,” Friedman wrote.
Kane, who has 56 goals over the past two seasons with San Jose, was a participant at San Jose’s Tuesday practice.
“I don’t think we’re worried about a distraction,” Sharks head coach Bob Boughner told reporters Tuesday. “I won’t make a comment on any player’s personal situation, but I am assured that he will be here for the whole season, and he’s on board.”
