Edmonton Journal Article
EDMONTON - Sheldon Souray’s agent Paul Theofanous says he has yet to hear from the Edmonton Oilers on whether they plan to buy out the last year of his client’s contract and salary-cap hit with the buyout window opening next Wednesday. But it’s likely coming. If the New York Rangers are buying out their injury-riddled captain Chris Drury at two-thirds of his $5-million US salary (two thirds of his $7.05 million cap hit), the Oilers can likely do the same with Souray, who spent all of last season on loan to the Hershey Bears, the American Hockey League affiliate of the Washington Capitals. June 15 kicks off a two-week period when NHL teams can partially extricate themselves from contracts they don’t like. In Souray’s case, it’s two-thirds over his $4.5 million salary and two-thirds of his $5.4 million cap hit for this upcoming season. The payout for Souray, who turns 35 on July 13, would be spread out, double the length of the time left on Souray’s deal. They would be on the hook for about $1.5 million in salary for this year and next, and approximately $1.8 million on the cap for 2011-12 and 2012-13. “We haven’t made up our mind yet,” said Oilers general manager Steve Tambellini. Maybe the Oilers haven’t decided publicly — maybe it’s only because they’re seeing if they can get a stocking stuffer for Souray, who was signed to a five-year, free-agent contract in 2007. Perhaps they won’t buy him out on June 15. Maybe they’ll wait until the NHL entry draft is over on June 25 to see if they get a draft pick for him. “You’ll be the first to know,” kidded Tambellini, when asked if anything was cooking on the trade scene. A few days ago, Bobby Holik, who was bought out by the Rangers a couple of years ago, said that procedure “can sometimes be a good thing.” It gives a player a new lease on life, and, in Souray’s case, while he might only get a $1-million free-agent offer from another team, he would still be paid his Oilers salary on top of that. But Souray, who hasn’t responded to interview requests for months, had two separate injuries (broken hand, broken knee) in Hershey. He only played 40 games, getting just four goals and 19 points and he was plus 10. He had two points in six playoff games for the Bears. His stock isn’t high right now. Souray is still a warrior, and maybe the other 29 NHL teams are looking for a guy who’s big (223 pounds) to give them some offensive pop as a moderate signing, but it’s not a bear market these days. He can, however, be intimidating on the ice, but there are question marks as there are with players who are 35. “He’s had problems with his wrist (Montreal) and he’s broken his hand ... I don’t think he shoots the puck like he used to,” said one NHL team executive who saw him play in Hershey this past winter.
According to Cap Geek if he was bought out today:
Sheldon Souray is 34 years old on the buyout date of June 15, 2011, setting the buyout ratio at 2/3 and the total buyout cost at $3,000,000 spread over 2 years. His contract was originally valued at $27,000,000 beginning in 2007 and ending in 2012, with $4,500,000 remaining from the buyout year forward.
The cap-hit would shake down like this:
| SEASON | SALARY | CAP HIT | BUYOUT | SAVINGS | BUYOUT CAP HIT |
| 2011-12 | $4,500,000 | $5,400,000 | $1,500,000 | $3,000,000 | $2,400,000 |
| 2012-13 | $0 | $0 | $1,500,000 | -$1,500,000 | $1,500,000 |
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