The Arizona Coyotes bought out the remaining three years of Mike Ribeiro’s contract, the team announced Friday.
“The Coyotes have initiated a buyout of the remaining three years of Mike Ribeiro’s contract,” general manager Don Maloney said in a press release. “The buyout is in accordance with the NHL/NHLPA Collecting Bargaining Agreement. We wish Mike the best of luck in the future and thank him for his contributions with the Coyotes.”
Ribeiro had just completed the first year of a four-year, $22-million contract he signed last summer as an unrestricted free agent.
After a solid 2012-13 campaign with the Washington Capitals where he registered 49 points in 48 games, the 34-year-old Montreal native tallied just 47 points in 80 games with the Coyotes in 2013-14.
The Coyotes will pay Ribeiro $1,944,444 annually through the 2019-20 season.
Behavioural issues, not performance, is believed to be the reason for the buyout.