San Jose Sharks' Evander Kane has filed for bankruptcy after his liabilities exceeded that of his assets. His liabilities amounted to $26.8 million, while his assets are only worth $10.2 million.
What's more, his bankruptcy could prompt him to opt-out of the NHL season 2020-2021.
The Sharks' forward filed for Chapter 7 bankruptcy in California.
Evander Kane Goes Bankrupt
According to The Athletic reporter Daniel Kaplan, the $10.2 million in Kane's assets included real-estate properties, specifically his three homes.
The Sharks' left-winger was only earning an income of $91,131.13 per month. What's worse in the bankruptcy is Kane's $1.5 million deficit in gambling during the past month while sustaining seven dependents.
The bankruptcy might rule out Kane for the rest of the season for 2021, as indicated in the attached note to the petition. It stated that Kane "may terminate his contract or he may opt-out of the season," as this is permitted in the current set of rules.
The birth of Kane's child is also a concern when it comes to health. Furthermore, if Kane chooses to sign a contract termination or finalizes that he will not play for the whole season, the debtor, which is him, will not receive any salary.
The San Jose Sharks are set to face the Arizona Coyotes for their first game of the season. It would jeopardize Kane's playing with the team, as other players from the Sharks were not qualified to the 'Return to Play' clause of the NHL, which was on December 24. At the start of December 31, Kane had been engaging in training camp sessions with the team.
The federal court of the Centennial Bank of Florida filed a lawsuit against Kane last week, which stated that the Vancouver-native had more than $8.3 million that he owed on a loan or the principal and interest. The lawsuit was only one of the six pending legal actions.
In a report by TSN, the total earning of Kane as a player in the San Jose Sharks was worth $52.9 million in 11 years, as recorded in CapFriendly.com.
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In the lawsuit, the San Jose Sharks were also involved, which further explained that in October 2019, the bank had stopped receiving payments.
In the same year of December, the player failed to comply with the payment and, since then, has not transacted for payment. Kane and his team refused to comment.
At least 47 creditors were registered in the petition. The Chapter 7 bankruptcy contained the stoppage of payment collection and the prevention of property foreclosures of the debtors. The court also issued an automatic temporary stay on an individual's debts.
In an agreement signed by the NHL and NHLPA (NHL Players' Association), the hockey players will put 10 percent of their salary into the future years, and 20 percent will go into escrow.
According to CBS, Kane has played with the Buffalo Sabres and Winnipeg Jets. The 2008 Ivan Hlinka gold medalist was absorbed by the Sharks in February 2018, from the Sabres. He was the Sharks' leading goal scorer after recording 26 goals.
In his whole career, Kane chipped in 457 points in 713 games in the NHL. One hundred fifty-six of his games were from San Jose.
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