The Los Angeles Kings have reportedly reached a settlement with Mike Richards over the team's decision to void his contract earlier this year, according to a report from Rick Westhead of TSN.
UPDATE, 4:10 p.m.: Per TSN's Bob McKenzie the Kings will be subject to the cap recapture penalty for the next five seasons and will also face a cap hit equal to the dollars being paid out to Richards as part of the penalty.
UPDATE #2, 4:40 p.m.: It's done.
In late June, the Kings voided Richards' contract, citing a "material breach." Rumors and reports swirled that Richards had been detained by Royal Canadian Mounted Police at a border crossing between Canada and the U.S. It was later revealed that Richards was detained due to suspicion of illegal possession of prescription drugs.
The NHLPA filed a grievance against the Kings on Richards' behalf in August. Richards was formally charged by the RCMP later that month.
Earlier this week it was reported that Richards and the team were working on a possible settlement aimed at avoiding arbitration that, if won by Richards, could prove extremely costly to the Kings, both in terms of money and a roster spot.
At the time of termination, Richards' contract still carried five-years and $22 million. He was considered to be a possible buyout candidate for the team, but just prior to his reported arrest, rumors emerged that he was at the center of trade talks between Los Angeles and other teams on the floor of the 2015 NHL Draft.
Since his ousting in LA, Richards has drawn no interest from other NHL teams, who are likely scared off by his legal matters as well as his possible drug use, something over which the league has become increasingly concerned.
