New York Rangers buy out final year of goalie Henrik Lundqvist's contract, source says

The New York Rangers are buying out the final year of star goaltender Henrik Lundqvist's contract to end his 15-year career with the team, a source told ESPN, confirming a report by the New York Post.

Lundqvist, 38, will become an unrestricted free agent, joining a crowded market of veteran goaltenders when the signing period begins on Oct. 9.

Lundqvist carried an $8.5 million salary-cap hit and was scheduled to make $4.5 million with a $1 million signing bonus on the final year of a seven-year, $59.5 million contract he signed in December 2013. That contract also carried a full no-movement clause, so a buyout was the most expedient way of moving on from Lundqvist.

The Rangers went with three goaltenders during the 2019-20 season, as Lundqvist shared time with Alexandar Georgiev and rookie Igor Shesterkin, both 24 years old. Georgiev played 34 games, Lundqvist played 30 and Shesterkin, a rookie sensation, went 10-2 in 12 games.

In the Rangers' 3-0 series loss to the Carolina Hurricanes in the qualification round of the 2020 playoffs, Lundqvist started two games and Shesterkin once.

Lundqvist has been the face of the Rangers franchise -- and one of the most popular athletes in New York City -- for over a decade. He was drafted in the seventh round in 2000 by the team, and made the jump from Sweden to the NHL in 2005-06.

He has a record of 459-310-96 in 887 games, with a save percentage of .918, a 2.43 goals-against average and 64 shutouts, and is the leader in Rangers franchise history in all of those categories.

He's a five-time finalist for the Vezina Trophy, winning the award for the NHL's top goaltender in 2011-12. According to Cap Friendly, the Rangers would have a cap hit of $5.5 million in 2020-21, a $3 million cap savings this season, and $1.5 million in 2021-22 for buying out Lundqvist.