It's official: Caps buy out Schultz

It's official: Caps buy out Schultz
July 3, 2013, 5:00 pm
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Jeff Schultz will continue collecting a paycheck from the Capitals but his days of wearing their jersey are over.

When he cleared unconditional waivers on Wednesday, Schultz was given a compliance buyout by the Capitals, erasing his $2.75 million cap hit.

Under the NHL’s compliance buyout rules, Schultz will receive $1 million in each of the next two seasons. He is free to sign with any other NHL team and cannot return to play for the Caps next season.

“Jeff enjoyed everything about Washington,” his agent, Jarrett Bousquet, said. “He loved the fans there and loved everything about the community. He just wants to play and he’s confident he can do that somewhere else.

The Capitals have until 5 p.m. on Thursday to use their other compliance buyout. If they choose not to use it – and it appears they will not – they will have one available to them next summer.

The only restriction on using a compliance buyout next summer is that it must be a contract that as agreed upon before the 2012-13 season.  

 

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