VANCOUVER — The decision to buy out the contract of defenceman Oliver Ekman-Larsson was "too good to pass up" and offered the Vancouver Canucks a chance to move on from a player whose performance didn't fit his cost, general manager Patrik Allvin said.
The Swedish blueliner had four years and US$29 million remaining on an eight-year, $66-million contract he signed with Arizona in 2018.
The contract accompanied him to Vancouver when the Canucks acquired him in June 2021.
In buying out Ekman-Larsson's contract, the Canucks will pay him $19.5 million over the next eight years.
"It was too good to pass up to get this cap flexibility, create the cap space this year and next year," Allvin said Wednesday.
"It's also given us a chance to plan for the future."
Ownership supported the buyout, he added.
Allvin previously spoke about a desire to avoid buying out players' contracts, and defended the decision regarding Ekman-Larsson.
"My intention is to not do buyouts," he said. "As I said here too, I'm not a big fan of buyouts. I'm not sure anything changed, it was more internal discussions about the cap availability.
"We will look at all our options to make this team better."
Length of contract and decline in performance was a key factor in the buyout decision, Allvin said, adding that he and Ekman-Larsson's representatives had "constant" discussions about the contract and path forward.
Over two seasons with the Canucks, Ekman-Larsson had 51 points (seven goals, 44 assists) in 133 games.
"He's a great person, he's been great here in the dressing room and the community, but just his performance on the ice and the size of his contract made it a bit complicated," Allvin said.
The Canucks (38-37-7) finished well out of a playoff spot in 2022-23 and changes were needed, Allvin said.
Head coach Rick Tocchet had expressed a belief in March that Ekman-Larsson would return as a Canuck next season.
"This is a big summer for him," Tocchet said at the time. "I know a lot of people count him out. I don’t know, I've got a feeling that he’s going to have a really good year. There’s a gleam in his eye.
"I can tell that he’s going to use this as motivation. Things haven’t gone his way a lot a bunch of years now and I think this is something that, he’s going to take this summer and (reach) another level. I really believe it."
The Canucks have the 11th pick in next week's NHL entry draft in Nashville, Tenn.
Allvin didn't rule out moving up in the order if there was a deal that could be made.
The team has received inquiries about its draft pick. Allvin referenced former Canucks general manager Brian Burke.
"I was told by (Burke) that you could always move up in the draft," Allvin said.
Vancouver looks to acquire a defenceman who could partner Quinn Hughes or Filip Hronek either through a trade or the draft, but Allvin won't pay over the odds.
"It's a tricky one. The market obviously dictates what the salaries are," he said. "(The buyout) gives the opportunity to be part of trades or even free-agent singings."
This report by The Canadian Press was first published June 21, 2023.
Nick Wells, The Canadian Press
Note to readers: A previous version of this story said Ekman-Larsson would receive $19.33 million annually over the next eight years. Ekman-Larsson will in fact receive $19.5 million over the next eight years.
