There is an addition to the list of players that squandered away millions only to resort to the technical savior, “Bankruptcy” later on, namely Evander Kane. The 29-year-old forward player for the San Jose Sharks filed for bankruptcy today despite having a $49 million contract for seven years with the team.
Sources report that the player’s seven-year extension with the team is ongoing as he signed it in 2018. The player filed for Chapter 7 in the federal bankruptcy court in California recently.
Evander Kane Might Opt Out Of The NFL This Season
The complete summation of his debts comes to $26.8 million with about 47 creditors, according to his bankruptcy petition. Evander Kane’s list of debts comprises an unsettled gambling debt to The Las Vegas Cosmopolitan of $1.5 million. He also lists a counterclaim of battery charge under his name issued in 2016.
But that is not all. Evander Kane issued a notice that considering his bankrupt situation, he might withdraw his participation from the NFL season this year. A statement after his filing of the bankruptcy form mentions that debtors might be left with the option of terminating his contract with the team or he may opt out beforehand. This is permitted according to current rules owing to health issues raised by the player after the recent birth of his first child. If Kane leaves the season, debtors will be receiving his portion of the salary.
However, should he choose to remain in the season and play for the team then a portion (about 20%) will go to the debtors. Evander Kane might also continue under an agreement of a reduced number of games in the upcoming season. Both the team and the debtors are likely to engage in a profit-sharing structure that will get Evander Kane off the hook of the massive $26.8 million debt.