Kane reportedly filed for Chapter 7 bankruptcy Saturday, citing debts of almost $27 million and assets of $10.2 million.
The Sharks signed Kane to a seven-year, $49 million contract in 2018. While The Athletic notes that the sources of Kane's losses are not clear, the petition indicates that he has lost $1.5 million in gambling over the past year.
Kane, now with the San Jose Sharks, has somehow incurred debts of $26.8 million, according to a story from The Athletic. It also lists payment of $1.5 million to The Cosmopolitan of Las Vegas for unpaid gambling debt and a $1.88 million counterclaim of a 2016 battery charge.More news: Retail Inflation Drops To 4.59% In December From 6.93% In November: Government
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The Vancouver native has made a lot of money during his career - $52.9 million in 11 National Hockey League seasons according to CapFriendly.com - and is due to make a lot more.
"A typical season includes 82 regular season games". "Should he terminate his contract or opt out at a point in the season, Debtor will not receive his salary". As part of the filing, Kane says that he might not even play this season, eliminating his income.More news: India's top court suspends implementation of new farm laws
© Perry Nelson, USA TODAY Sports Sharks forward Evander Kane had 47 points last season.
The deadline to opt out was December 24, and Kane has been with the Sharks in training camp. Elliotte Friedman touched on this in his latest 31 Thoughts column.
Kane, who has 56 goals over the past two seasons with San Jose, was a participant at San Jose's Tuesday practice.More news: Moderna becomes third Covid vaccine approved in the UK
"I don't think we're anxious about a distraction", Boughner told reporters, according to Dalton Johnson of NBC Sports. "I won't make a comment on any player's personal situation, but I am assured that he will be here for the whole season, and he's on board".