The rumblings had been heard for a while, but the Rangers finally bought out the remaining six years of Brad Richards' nine-year, $60 million contract, according to TSN's Pierre LeBrun. He will be paid more than $20 million over the next 12 years.
Richards' production fell in each of his three seasons in New York. He averaged 1.07 points per game in 2010-11, his final season with the Dallas Stars. But in three seasons with the Rangers, the 33-year-old averaged .80, .74 and .62 points per game.
The move helps free up cap space for the Rangers, who have several key players hitting the free agent market this summer.