NHL veteran and current San Jose Sharks left winger Evander Kane has run up against a brick wall with his finances as debts piled up and resulted in him filing for Chapter 7 bankruptcy, according to paperwork filed in the Northern District of California. Kane, who’s working under a seven-year, $49 million contract, is claiming total liabilities of $26,837,340.
As of his filing, Kane listed his only source of income as a podcast. “I think it’s time to start a PODCAST! It’s time to tell it like it is. Coming in,” Kane announced on Twitter on November 29. A couple of days later, Kane was challenging Logan Paul to fight him. It’s unclear if this is part of Kane’s plan to pay off his debts.
“I’ll take on any Paul brother,” Kane told TMZ. “I don’t care who it is. Either one of you can get it.”
From Kane’s Chapter 7 bankruptcy paperwork:
Total liabilities: $26,837,340
Monthly expenses: $93,214.46
Emergency cash: $2,500
Monthly income: $2,083 from podcast
Taxes owed to the government: $256,320
$79,393 – American Express
$528,730 – Newport Sports Management, agent fee
$1.5 million – Cosmopolitan casino, gambling debt (according to the NY Post)
47 total creditors
$4,353 – monthly car payment for Vehicle 1
$4,557 – monthly car payment for Vehicle 2
7 dependants, including his mother, father, grandmother, two uncles, his sister and a daughter
Kane is scheduled to make $3,000,000 during the 2020/21 season, but it will be prorated based on the number of games played.
“Moreover, Debtor understands that under the current collective bargaining agreement between the players’ union and the owners, 20% of his salary will be withheld and will be released to the owners under the “profit sharing” structure of the agreement due to the anticipated significant reduction in revenues across the league,” the filing reads. “Finally, Debtor may terminate his contract and he may opt out of the season, as allowed under current rules, because of health concerns given the recent birth of his first child. Should he terminate his contract or opt out at a point in the season, Debtor will not receive his salary.”