Evander Kane files for bankruptcy with $26.8M in debt, could sit out the season

With the new season near, San Jose Sharks forward Evander Kane has filed for bankruptcy with a huge amount of debt.

The NHL season is slated to start Wednesday night, and with their first game coming Thursday night the San Jose Sharks have a situation on their hands. According to Daniel Kaplan of The Athletic (subscription required), forward Evander Kane filed for Chapter 7 bankruptcy in San Jose on Monday with $26.8 million in debt.

Kane reportedly has assets of $10.2 million, largely tied to three homes. In his filing, Kane offered what might qualify as a warning to the lengthy list of creditors (47?) looking to collect.

“Debtor may terminate his contract and he may opt out of the season, as allowed under current rules, because of health concerns given the recent birth of his first child,” the bankruptcy petition said. “Should he terminate his contract or opt out at a point in the season, Debtor will not receive his salary.”

Evander Kane has apparently gone through money like water

Kane signed a seven-year, $49 million deal with the Sharks in 2018, and according to Spotrac he had earned a little over $49 million in his career thus far (11 seasons). Playing this season, with salary and signing bonus, would take that to $55 million. CapFriendly tabs Kane’s career earnings at $52.956 million. Honestly, the exact numbers are a distinction without a difference even considering some financial dings for fines over the course of his career.

Gambling debts, including $1.5 million over the last month, have helped create Kane’s predicament. He also noted he has seven dependents living with him. Last week, Centennial Bank filed a lawsuit in Florida seeking $8.3 million in pending debt from Kane and the Sharks.

The deadline to opt-out of the NHL season was last Saturday, Jan. 9. But if Kane cites health concerns for deciding to sit out now, the precedent of Boston Bruins goaltender Tuukka Rask when last season resumed would allow him to do so. But Kane has been at Sharks’ training camp throughout, and the first public indication he might sit out the season came via his bankruptcy filing.

On the ice Kane was the Sharks leading goal scorer last year (26 goals), with 14 of them coming on the power play as the team scored just 33 goals as a team with the man advantage. So his absence will hurt their chances to rebound from a bad season, but he’s got bigger things going right now.