Wednesday, June 29, 2011

Rangers Buy Out Drury

The Chris Drury era in the Big Apple has come to a close, as the Rangers have bought out the final year of the 34-year old forward's contract (see cap hits below), making him into an unrestricted free agent as of today.

Chris Drury buyout from
2011-12: $3,716,667
2012-13: $1,666,667

In an interesting loophole, not considered by the amount of times it has ever happened, with Drury's no-movement clause in his contract, he was able to elect not to go to unconditional waivers before the buyout happened, which is normal procedure for any other player without this clause.  That being said, the Rangers have now opened up just over $3.3 million in cap space with this move, bringing their projected cap totals down to $38.7 million for 13 players and this buyout.

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