New York Rangers News: Wade Redden Clears Waivers With Buyout On The Horizon

Rick Stewart

As expected, Wade Redden cleared unconditional waivers at noon this morning and is fully eligible for an accelerated buyout.

According to Katie Strang of ESPN New York, Wade Redden officially cleared unconditional waivers at noon this afternoon, and is fully eligible for an accelerated buyout before Saturday. As stated in earlier articles, once the Rangers use their accelerated buyout, Redden will officially become an unrestricted free agent, and will be allowed to sign with any of the 29 other clubs in the NHL.

The Rangers will be on the hook for 100-percent of Redden's prorated salary that is owned to him during the 2013 regular season, and they will also carry his $5.6 million cap hit. Before the process of the buyout officially begins, the Rangers must submit a formal letter to Redden and his agent Don Meehan notifying them of their intended actions.

Once Redden and his agent respond, the buyout can be made official. If Redden does sign with another team, he will be collecting his salary from both the Rangers and the new team which he chooses to sign with.

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