Connect with us

San Jose Sharks

Kane, Sharks Sued by Centennial Bank



Evander Kane, San Jose Sharks
Credit: David Kirouac/Icon Sportswire

That’s not the way to start the season.

Centennial Bank sued Evander Kane and the San Jose Sharks on Thursday in Florida federal court, claiming Kane owes them more than $8.3 million in principal and interest.

According to Centennial, Kane received an initial $3.9 million loan from the Arkansas-based bank for business and investment opportunities in September 2018. The loan was secured by his Sharks contract, a seven-year, $49 million dollar pact inked that May.

Additional loans were secured against Kane’s contract over time.

Per the complaint, the San Jose Sharks were contractually obligated to pay the bank back directly from Kane’s wages. However, Centennial says they stopped receiving direct deposits from the team in October 2019. In addition, Kane allegedly defaulted on the loan by missing a December 2019 payment and has made no payments since.

“Centennial believes and therefore avers that the borrower has directed the team to discontinue any and all future direct deposits of the pledged payments into the designated account,” the complaint reads, “in violation of the security agreements.”

As of December 11, 2020, Kane owed $7.8 million in outstanding principal, about $503,000 in interest, and about $90,000 in bank fees.

Centennial is pursuing a declaratory judgment that obligates the San Jose organization to continue direct deposits until the loan is paid in full and prohibits Kane from interfering with these payments.

The San Jose Sharks have declined to comment.

Law360 has more details about this lawsuit and Kane’s prior legal troubles here.

Welcome to your new home for San Jose Sharks breaking news, analysis and opinion. Like us on Facebook, follow us on Twitter and don't forget to subscribe to SJHN+ for all of our members-only content from Sheng Peng and the National Hockey Now network plus an ad-free browsing experience.

Sheng’s Travel Fund

Help fund Sheng's travel! Every dollar goes to the cost of getting to and from Sharks road games.

Click here to contribute to Sheng's travel pool!

Get SJHN in your inbox!

Enter your email address to get all of our articles delivered directly to your inbox.

Hockey Shots

Extra Hour Hockey Training

Cathy’s Power Skating

Sharks Team & Cap Info

SJHN on Facebook

All the San Jose Sharks news that's fit to print

Enter your email to get the best Sharks coverage delivered straight to your inbox.

Thank you for subscribing.

Something went wrong.