Luongo is retiring

[senryu]

Per his twitter account

https://twitter.com/strombone1/statu...42124444033025

https://www.nhl.com/panthers/news/lu...ns/c-308071408

[mounD]

so ... cap recapture?

[2014olympicgold]

He retired via his twitter account:

https://twitter.com/strombone1/status/1143942124444033025


Open letter to the fans:

https://www.nhl.com/panthers/news/lu...ns/c-308071408

[lucafen4]

2.84m x3yrs is Van's penalty

[Axeman33]

Great career. Hope his twitter account stays just as active in retirement as its been during his playing career.

[ericdaoust]

I'm confused because everyone else sits out their contract on LTIR. My understanding is Luongo would have no trouble getting that tag given his current hip condition

[2014olympicgold]

I'm confused because everyone else sits out their contract on LTIR. My understanding is Luongo would have no trouble getting that tag given his current hip condition

He retires, Florida/insurance company isn't on the hook for a salary probably. So he's doing Florida a favour, and screwing Vancouver over at the same time.


Funny, Vancouver retained $800k from the trade, now they’re hit with a 3,033,206 penalty. So they have a cap hit of 3,833,206 for Luo. More than all but 6 current Canucks (more than 16 current Canucks)

[ericdaoust]

He retires, Florida/insurance company isn't on the hook for a salary probably. So he's doing Florida a favour, and screwing Vancouver over at the same time.

He's also turning away $3.6 million in cash over the next three years. So he's screwing himself. There's a reason everyone else goes on LTIR.

[bondon]

Pretty tight that this just ****s the Canucks over, but I'll always love Bobby Lou. Great goalie, great career, underappreciated.

[2014olympicgold]

Bob McKenzie just tweeted the following on the retirement:

On to the business: VAN will get hit with a cap recapture penalty of slightly more than $3M in each of the next three seasons. FLA cap recapture penalty will be slightly more than $1M in each of next three seasons.

FLA actually prefers taking the cap recapture penalty to Luongo going on LTIR, which can be a useful salary cap management tool but also comes with some hassles as well. So retirement it is.

VAN has known for awhile this was coming so any recent financial decisions/planning by Canucks has factored in the approximate $3M cap recapture penalty. Nevertheless, as Roberto once famously said: “My contract sucks.”

Maybe Luongo just doesn't want to make the attempt to get back to gameshape as you have to show you're trying to get back into the league to be eligible for LTIR I think.

[ericdaoust]

Maybe Luongo just doesn't want to make the attempt to get back to gameshape as you have to show you're trying to get back into the league to be eligible for LTIR I think.

No that is not true

[2014olympicgold]

No that is not true

Sorry I was thinking of if the NHL or NHLPA (like in the case with Lupul) doesn't believe the LTIR is truthful, they can hire a 3rd party to examine the player. Don't know what I was thinking before. I knew it wasn't just "Oh I'm too hurt".


Also, the $800k that Vancouver retained on his salary is no longer held against the team. It's just the $3.033mill/yr for the next 3 seasons. And apparently this retirement was part of the reason for not QO Hutton (making his contract roughly 3.08mill/yr)

[kevinsrangers]

great career. was never really a big fan of his but the numbers don't lie.

[Reverend of Hockeytown]

Van did it to themselves, they did the contract....anywayyyyy

Gonna miss Lu, great career!!

He retires, Florida/insurance company isn't on the hook for a salary probably. So he's doing Florida a favour, and screwing Vancouver over at the same time.


Funny, Vancouver retained $800k from the trade, now they’re hit with a 3,033,206 penalty. So they have a cap hit of 3,833,206 for Luo. More than all but 6 current Canucks (more than 16 current Canucks)

[ericdaoust]

Sorry I was thinking of if the NHL or NHLPA (like in the case with Lupul) doesn't believe the LTIR is truthful, they can hire a 3rd party to examine the player. Don't know what I was thinking before. I knew it wasn't just "Oh I'm too hurt".

I believe it's just a matter of failing a physical, which in Luongo's case wouldn't be difficult and from everything I've read there wouldn't be any questions asked.