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:
Via #SJSharks, Evander Kane declined to comment on his bankruptcy and Centennial Bank lawsuit
— Sheng Peng (@Sheng_Peng) January 12, 2021
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