The Seattle Kraken placed newly acquired center Joe Veleno on waivers on Sunday for the purposes of buying out his contract.
The Kraken recently traded for Veleno, sending winger André Burakovsky to the Chicago Blackhawks in a 1-for-1 trade. Veleno had just one year left on his contract with a cap hit of $2.275 million. The buyout penalty that Seattle will face is only a third his remaining salary, which will result in a $795,833 cap charge this season and a $295,833 charge in 2026-27.
By eliminating Burakovsky's contract, which was worth $5.5 million over the next two season and buying out Veleno's contract, the Kraken will have a net savings of around $4.7 million on their salary cap this season, leaving them with a little over $18 million in cap space for general manager Jason Botterill to work with.
Veleno split his season last year with the Detroit Red Wings and Chicago Blackhawks, scoring 17 points in 74 games.
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Veleno featured photo by - Talia Sprague via Imagn
Veleno hero photo by - Talia Sprague via Imagn