Greene spent the past nine seasons with the Kings, winning two Stanley Cups. He had one year remaining on his contract and the buyout will result in a cap charge of approximately $833,333 for the 2017-18 and 2018-19 seasons.
“Matt has made incredible contributions to our hockey club and we are very grateful for everything he has done since joining our organization including his outstanding leadership,” Kings president Luc Robitaille said in a press release. “Upon his arrival to Los Angeles he played a significant role in helping change the culture of the Kings and his contributions to our two Stanley Cups in particular is immeasurable.”
The 34-year-old Greene was selected by Edmonton in the second round of the 2002 draft and spent parts of three seasons with the Oilers before he was traded to the Kings in 2008 with Jarret Stoll for Lubomir Visnovsky. Greene recorded 67 points for the Kings in 464 regular-season games, becoming ninth in all-time in games played by a Kings defenceman.