Reports: Richards on Waivers - LA Kings Insider

A pair of highly reliable sources reported that Mike Richards has been placed on waivers:

Richards has five goals, 15 points and a minus-seven rating in 47 games, and his minutes are down 3:17 to a career-low 13:42 from last year’s average ice time of 16:59. In 704 career games, Richards, who turns 30 on February 11, has 179 goals and 481 points. The two-time Stanley Cup champion and 2010 Olympic gold medalist was acquired on June 23, 2011 as part of a trade that sent forwards Wayne Simmonds and Brayden Schenn and a second round draft pick to Philadelphia.

Over the summer the Kings chose not to use a compliance buyout on the center, who carries a $5.75-million cap hit through the next five and a half seasons. Per the CBA, the compliance buyout, which is no longer available, would have removed Richards’ cap hit from the Kings’ books while allowing the center to recoup 2/3 of the total value of the contract.

Because CapGeek is no longer active, these cap recapture penalties are not immediately available. There’s obviously more to come on this developing story.

UPDATE, 10:20 AM: