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Kane Declines to Comment on Bankruptcy

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Credit: NHL

San Jose Hockey Now reported on Saturday, per Law360, that Evander Kane and the San Jose Sharks were being sued for more than $8.3 million dollars by Centennial Bank.

Today, things got much worse for Kane.

Per Daniel Kaplan of The Athletic, Kane has filed for Chapter 7 bankruptcy with $26.8 million of debt, which includes the Centennial Bank amount.

Things might also get much worse for the Sharks, as the bankruptcy petition states that Kane may opt out of the upcoming 2020-21 NHL season.

“Debtor may terminate his contract and he may opt out of the season, as allowed under current rules, because of health concerns given the recent birth of his first child,” the complaint reads. “Should he terminate his contract or opt out at a point in the season, Debtor will not receive his salary.”

Kane, as far as we know — up to yesterday, there was no media presence at San Jose Sharks’ practices or scrimmages — has been a full pre-season participant. The NHL opt-out deadline for this shortened season was Dec. 24.

San Jose Hockey Now also documented Kane’s participation in last night’s scrimmage on Facebook.

Unclear from The Athletic story is who has “health concerns”? Is it Kane? Is it his daughter? Is it just general concerns about COVID-19?

We’ll see if Kane is at practice tomorrow, but playing appears to be the winger’s best way out of debt, debts erased by Chapter 7 withstanding.

In total, there are nine lawsuits, court actions, and administrative issues with lenders — six active — named in the petition. Centennial Bank’s is the largest.

Centennial Bank is one of 47 creditors in the complaint, which includes Scotiabank and Kane’s former agency Newport. The complaint also states that Kane lost $1.5 million dollars in gambling in the last year.

In addition, Kane has, according to the petition, seven dependents: His daughter, sister, two uncles, mother, father, and grandmother. The 29-year-old, who signed a seven-year, $49 million contract in May 2018, claimed an income of negative $91.131.13 a month.

The complaint also shared that Kane is seeking $1.88 million from Rachel Keuchele, who sued him in 2016 for alleged battery. Kane counter-sued in 2018 and the case is still active in Erie County Supreme Court in New York.

On Saturday, the San Jose Sharks declined to comment on the Centennial Bank lawsuit.

Today, the Sharks did the same on Kane’s behalf:

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Alicia

I would bet money that this is related to gambling addiction (pun intended). “Health concerns” could mean a stint in rehab. Just speculating, of course.

Alicia

I also hope his daughter is well. As you said, that was very unclear in the article.

It is also interesting to note his wife was not mentioned as a dependent.

Last edited 10 months ago by Alicia

[…] Evander Kane has declared… BANKRUPTCY! But he doesn’t want to talk about it unlike Michael Scott. (SanJoseHockeyNow) […]

[…] Kane, according to court records in California, has filed for Chapter 7 personal bankruptcy. Kane, it is said, has a whopping $26.8 million in liabilities. (San Jose Hockey Now) […]

[…] Kane Declines to Comment on Bankruptcy […]

Gary To

I wonder if part of his problems are family related. I know he’s had a bad boy image and all, but haven’t heard much slipped out from lockerroom if he’s been a bad influence. You hear about rumors about EK65 negatively affecting the room at times, but I don’t recall any from Evander. I hope everything works out for this kid.

[…] • Evander Kane has declined comment after it was reported he filed for Chapter 7 bankruptcy with $26.8 million of debt. [SJ Hockey Now] […]

Joe

I always have compassion for people with addiction issues. Obviously Kane has a serious gambling addiction. Not to be heartless. There has to be conduct stipulations in a contract. The best thing for Kane and The Sharks is to see if his contract can be voided. He goes in for treatment and The Sharks have cap relief and distance themselves from Kane. This is a class organization. If Kane decides to play this season, it is another negative distraction the team doesn’t need. From reading The Athletic article, it sounded as if The COVID deal with his daughter would give… Read more »

rhea

I’ve heard the MBA and MLB are starting to provide financial literacy programs for their athletes. Does the NHL do anything to help players gain the skills necessary to effectively manage their personal finances?

Kane gets a lot of hate, would appreciate seeing articles highlighting his Hockey Diversity Alliance work. And he is one of the few Sharks players that is consistently showing up for local community programs, it would be nice to hear about that.

[…] Kane Declines to Comment on Bankruptcy […]

[…] Kane declines to comment on bankruptcy [SJ Hockey Now] […]

[…] Kane Declines to Comment on Bankruptcy [SJ Hockey Now] […]

[…] Kane Declines to Comment on Bankruptcy [SJ Hockey Now] […]

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