San Jose Sharks veteran Evander Kane has some major issues ahead of the 2020-21 season.
Kane was already considering opting out of the upcoming hockey season for personal reasons. Now, the former fourth overall pick has to address his financial problems, one that led to him recently filing for bankruptcy despite earning a great deal of money in the NHL.
Evander Kane is entering his third full season with the Sharks
Evander Kane has had a solid career thus far, and he’s still going strong entering his age-29 season.
The fourth overall selection in 2009, Kane scored 457 points by way of 242 goals and 215 assists in his first 11 seasons. No stranger to fighting and standing his ground, Kane led the NHL in penalty minutes in each of the last two seasons.
In 29 career playoff games, Kane has 13 goals to his name.
Kane spent the first six seasons of his career with the Atlanta Thrashers/Winnipeg Jets franchise. Buffalo traded Kane midway through his third season in upstate New York, and the upcoming campaign — if Kane plays — will be his third full season with the San Jose Sharks.
Kane has earned $49 million in the NHL — and counting
Evander Kane enters the upcoming NHL season having earned plenty of solid paydays in the league.
According to Spotrac, Kane received over $49 million in his first 11 seasons. Kane signed a seven-year contract extension worth $49 million with the Sharks in May 2018.
The Sharks owe Kane $3 million in base salary for the 2020-21 season and another $3 million through his signing bonus.
Because the NHL is only scheduled to play 56 games, Kane’s 2020-21 season earnings are to be determined.
Evander Kane just filed for bankruptcy
Despite his heavy earnings, Evander Kane is the latest professional athlete — current or former — to file for bankruptcy.
According to The Athletic, Kane filed for Chapter 7 in San Jose’s federal bankruptcy court. Kane said that he is $26.8 million in debt and owes money to 47 creditors.
Part of Kane’s issues reportedly stem from gambling. Kane said in the Chapter 7 petition that he lost $1.5 million in the last 12 months from gambling.
In April 2020, the Cosmopolitan of Las Vegas dismissed a lawsuit against Kane involving $500,000 in unpaid casino markers.
The Athletic shared parts of the bankruptcy filing, including how the upcoming season affects the money that he owes.
“The current season has 56 games scheduled and Debtor understands that even if all scheduled games are played, his salary will be adjusted based upon the reduced number of games. To the extent some of the games do not go forward because of the pandemic (or any other reason), Debtor’s salary will be further reduced. Moreover, Debtor understands that under the current collective bargaining agreement between the players’ union and the owners, 20% of his salary will be withheld and will be released to the owners under the ‘profit sharing’ structure of the agreement due to the anticipated significant reduction in revenues across the league.”
Kane listed his income as negative $91.131.13 per month. Although the petition said Kane is considering opting out of the 2020-21 season, the NHL opt-out deadline was December 24.
Kane filed his bankruptcy petition on January 9.
All contract figures courtesy of Spotrac.