The New York Rangers announced this evening that Wade Redden has been officially bought out his remaining contract. The Rangers in addition to Redden and his agent filed the necessary paperwork to complete the buyout earlier this evening and he will officially become an unrestricted free agent.
Redden cleared unconditional waivers earlier this afternoon, which was the first step to completing his buyout. There have been several teams that have expressed some interest in Wade Redden, most notably, and most recently, the Columbus Blue Jackets. Here is a short little excerpt from Katie Strang explaining how the new accelerated buyout system will work.
Per the recently brokered rules of the accelerated compliance buyouts, agreed to Tuesday by the NHL and the NHL Players' Association, the Rangers will pay Redden 100 percent of his salary owed (prorated) for the remainder of the 2013 season.
They will do so while gaining very little benefit for the team; the Rangers will incur his full cap charge for the rest of the season, minus the $900,000 saved by assigning him to the minors.