The Florida Panthers have bought out the contract of defenceman Keith Yandle, the team announced Thursday.
With his no-movement clause, as Sportsnet's Elliotte Friedman explains, Yandle does not need to be placed on waivers.
Yandle had two years remaining on his contract, which had a $6.35 million cap hit. According to CapFriendly, the buyout will cost the Panthers $2.3 million in the 2021-22, $5.4 million in 2022-23 then just $1.2 million in both 2023-24 and 2024-25.
"We would like to extend a sincere thank you to Keith for all that he's contributed to the Florida Panthers organization and to the South Florida community over the past five seasons," Panthers general manager Bill Zito said in a statement. "While a decision of this kind is never an easy one to make, we believe that this shift is necessary as we look towards the 2021-22 season and our club's future."
The 34-year-old has spent the last five seasons with the Panthers, following his two seasons with the Rangers and his time with the Coyotes. The veteran has 16 seasons of experience playing in the NHL.
In 56 games this season, Yandle had three goals and 27 points with a minus-eight rating. In three playoff games, he added two assists before the Panthers were ousted by the Tampa Bay Lightning in Round 1.
