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Evander Kane files for bankruptcy


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https://theathletic.com/news/evander-kane-bankruptcy-sharks/oFdq2gVHYP5J

 

San Jose Sharks winger Evander Kane has filed for Chapter 7 bankruptcy for liabilities of $26.8 million, The Athletic’s Daniel Kaplan reports.

A note in the petition filed to federal bankruptcy court in San Jose says that Kane, 29, may opt out of the season “because of health concerns given the recent birth of his first child.” If Kane chooses this route, he would not be paid for this season.

The petition cites details such as payment of $1.5 million to cover gambling losses, a $1.88 million counterclaim to a battery charge from 2016 and up to seven dependents living with him. Kane also explains in his note how a condensed NHL schedule due to the coronavirus pandemic will affect his earnings.

Kane, the No. 4 overall pick in the 2009 NHL Draft, signed a seven-year, $49 million contract in 2018. He has earned $52.9 million in his 11-year career.
 

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San Jose Sharks’ Evander Kane files for Chapter 7 bankruptcy – East Bay Times

 

I was coming in here to post this and saw you had beaten me to it. Kudos.

 

Kane is talking of taking the season off due to 'health concerns.' Bunch of BS truthfully, he has 5 years at 7 million remaining on his deal, if he opts out the Sharks can void his deal unless he can show a damn good reason, he is citing health concerns with covid as he has a new baby but cmon.

 

  There is no bigger Kane supporter and apologist in this forum than me, none, period, zero. I love his game, I love that he has personality, that he is not afraid to speak his mind. Most players/coaches are cookie cutter boring, he at least keeps it interesting. Two years ago he was the first player to lead the league in PIMs while recording 30 goals in forty years, he was on pace to do it again last year when Covid shut things down. A tremendous, unique player. I simply love to watch him play.

 

 That said, 26 million in debts, he is going to lose all three of his family homes, he has massive gambling issues from all accounts and his personal demons have outweighed his skill on the ice. If he begs out it is a worst case/best case scenario for the Sharks depending on if they can move on from the distraction and use the money elsewhere albeit at a very late date.

 

 Wishing him well. Hope he is on the ice. What a strange freaking story.

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Gee, I was so surprised when it turned out that the guy who was photographed doing push-ups with cash all over his back perhaps isn't so good at managing his money.

 

https://i0.wp.com/www.sportressofblogitude.com/wp-content/uploads/2014/12/evander-kane-cash-push-ups.jpg?fit=350%2C350&ssl=1

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2 hours ago, JR Ewing said:

Gee, I was so surprised when it turned out that the guy who was photographed doing push-ups with cash all over his back perhaps isn't so good at managing his money.

 

https://i0.wp.com/www.sportressofblogitude.com/wp-content/uploads/2014/12/evander-kane-cash-push-ups.jpg?fit=350%2C350&ssl=1

 

That's the problem with giving lots of money and the trappings of fame to people so young, it's easy for them to lose track of reality. Without the right people in their life things can go pear shaped quickly. When you're in it, it's easy to forget that a career in sport is relatively short- with the risk of it being cut even shorter by injury. 

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Ah; here we go: Kane has a gambling problem:

 

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The San Jose Sharks’ Evander Kane has filed for chapter 7 bankruptcy, as documents in a California court this week shed light on his prodigious gambling habit. The NHL left-winger is $26.8 million in debt, according to the court filings. He has lost $1.5 million gambling over the past month alone.

Evander Kane
San Jose Sharks’ Evander Kane, seen here, may sit out next season, according to bankruptcy filings this week. (Image: Getty)

The bankruptcy filing comes just days after the Centennial bank sued Kane and the Sharks in a Florida federal court, claiming the Canadian veteran owes it $8.3 million in principal and interest.

According to Centennial, Kane received a multimillion-dollar loan in September 2018, which was secured by his Sharks contract, a seven-year, $49 million extension inked that May.

The Sharks were contractually obligated to pay the bank back directly from Kane’s wages, but the bank stopped receiving payments from the team in October 2019. Kane had made no payments on the loan since December 2019, according to the lawsuit.

 

 

https://www.casino.org/news/nhl-star-evander-kane-files-for-bankruptcy-owes-gambling-debts/

Edited by JR Ewing
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18 hours ago, Puck_Pun said:

He has earned $52.9 million in his 11-year career.

 

So, if his agent took ~5% that's $2.645M

 

And the gubmint took it's chunk, let's say 40% all in... $21.16M

 

That means the player had to get by with $29M or so - roughly - over the past 11 years.

 

How one winds up $26M in the hole in this situation always baffles me.

 

17 hours ago, pilldoc said:

I’m sorry if this sounds callous but I have ZERO sympathy for him. 

 

It's honestly hard to have sympathy in this situation.

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Oh wow I misread the article as 1.5m in gambling total. In one month? Yikes. That's something that needs professional help

PSX_20210113_072948.jpg

Edited by Puck_Pun
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