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EVANDER KANE FILES FOR BANKRUPTCY WITH ALMOST $27M IN DEBT, MAY TERMINATE CONTRACT WITH SHARKS

San Jose Sharks forward Evander Kane has been in the headlines this week for reasons relating to a series of bank loans with Arkansas-based Centennial Bank, for which both Kane and the Sharks were being sued. In the latest development, it appears as though Kane has since filed for bankruptcy with almost $27M in debts.

There is another kicker here - and it's a big one, as it impacts both the player and the franchise. Kane may elect not to play NHL hockey this season, and may also subsequently terminate his contract with the Sharks, forfeiting the remaining balance of the deal, which is $32M.

The deadline to opt-out of the 2020-21 season has come and gone (December 24, 2020) and with Kane not exercising his right to opt-out at that time, and not filing a motion to declare bankruptcy until January 9th, 2021 it's not exactly clear what this means for his playing status in 2020-21, especially given the birth of his first child.

"Debtor may terminate his contract and he may opt out of the season, as allowed under current rules, because of health concerns given the recent birth of his first child. Should he terminate his contract or opt out at a point in the season, Debtor will not receive his salary," it said in his bankruptcy petition.



Though Kane's estimated career earnings amount to almost $53M, Kane lists his estimated monthly income at negative $91,131.13, which is truly alarming.

Kane listed 47 creditors in total in his petition, with the most prominent names being Centennial Bank, Scotiabank and his former agency, Newport. Centennial Bank's $8.3M lawsuit against Kane was the largest single amount listed.

Man, oh man. This is a far cry from the enviable position Kane was in when he signed his 7-year, $49M contract with the Sharks back in 2018.

MIKE ARMENTI
JANUARY 11, 2021  (20H44)
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