Since the 2013 NHL season came to an exciting conclusion on Monday with the Chicago Blackhawks scoring two late goals to squeak past the Boston Bruins and claim the Stanley Cup two teams have announced buy-outs of high profile players to create room under a reduced salary cap that will come into effect at the start of the 2013-14 season.
On Tuesday, the Philadelphia Flyers said they would pay Ilya Bryzgalov (who was two years into a nine-year $51 million contract) $23 million to not play goal for them next season. Then today the Tampa Bay Lightning announced that they would pay Vincent Lecalavier (who was in the midst of an 11-year $85 million contract) $32.7 million to not play centre for them next season. And numerous other NHL teams are getting in on the action with lower profile players.
When all the insanity in this sector of our society will end is anybody’s guess. And it is a societal issue (as opposed to a private market issue) as many pro sports teams, through favourable stadium funding arrangements with municipal and state/provincial governments and the ability of corporate supporters to write off sponsorships and luxury box purchases, do draw money from the public purse.