Devils GM weighs in on Kovalchuk deadline

Hockey Betting Lines

09/01/2010 - Newark, NJ (Sportsbook Betting Lines) - New Jersey Devils general manager Lou Lamoriello issued a statement on Wednesday, addressing the National Hockey League's decision to extend the deadline on accepting a new contract for free- agent forward Ilya Kovalchuk to this coming Friday.

The Devils submitted a new contract concerning Kovalchuk to the league last Friday.

"We have today been advised that the NHL and NHLPA have agreed to extend until Friday the decision on whether to approve or reject the latest contract between Ilya Kovalchuk and the New Jersey Devils.

"We remain confident that the terms of this contract comply, in every respect, with the CBA (Collective Bargaining Agreement) and meet both the NHL's concerns and the principles of arbitrator Bloch's decision. We remain optimistic that this extension will result in an approval of the contract and that Ilya Kovalchuk will remain a valuable member of the Devils for the balance of his career."

The Bergen Record reported last Friday that NHL deputy commissioner Bill Daly confirmed the league was reviewing the contract and had five days, beginning Friday, to either approve or reject the deal. The paper reported the contract is believed to be worth $100 million over 15 years, with an annual salary cap hit of $6.66 million.

The league rejected Kovalchuk's 17-year, $102 million contract in July, on grounds that it circumvented the salary cap. The reported deal was front- loaded so Kovalchuk could have earned as much money as possible while providing the lowest possible cap hit for the team.

After the NHL Players Association filed a grievance, an arbitrator ruled on August 9 in favor of the NHL, voiding the deal and making Kovalchuk an unrestricted free agent again.

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