According to a tweet from Nick Kypreos the New York Rangers are backing out of the Rick Nash sweepstakes. Here's the tweet:

Nick Kypreos ‏ @RealKyper

#SNtrade. Going into Sunday nite, its sounding like #Rangers have backed out on the Nash sweepstakes. #Bluejackets demands remain too rich.

I have been one of the biggest supporters on this site of the Rangers making a move for Nash, but I don't mind hearing this. Glen Sather deserves a lot of credit for his post-lockout work, and if he needs to walk away from the table because Scott Howson's trade demands are too much, then so be it.

I am not willing to completely demolish this team to bring in a big name, and if guys like Chris Kreider, Derek Stepan, Michael Del Zotto or Ryan McDonagh are musts for the Rangers to acquire Nash, then I'm fine keeping this team the way it is.

We'll have more as it comes, and obviously things can change quickly, but thoughts on this guys?