On Monday the hockey world learned that San Jose Sharks forward Evander Kane filed for Chapter 7 bankruptcy on Saturday in California, citing the fact that he is nearly $27 million in debt.
It was only in 2018 that Kane signed a seven-year contract worth $49 million and, as of this season, Kane’s career earnings (including the 2020-21 season) are over $55 million, leading many to wonder where the money went.
The filing lists Kane’s debt at $26.8 million and an additional $10.2 million in assets, which include his three homes.
The document lists a total of 47 creditors that Kane owns money to and that the shortened season will make it difficult for him to pay them off. It also lists that he has six active lawsuits and court proceedings against him.
The bankruptcy filing comes a few days after Centennial Bank began a lawsuit against Kane and the Sharks for $8.3 million after the 29-year-old requested a loan for “business opportunities.”
Kane took out the loan from the Centennial Bank and was supposed to pay it back with parts of his seven-year contract, but he stopped making payments in October 2019 before eventually defaulting.
Kane is also listed in the bankruptcy documents as having seven dependents in his home, which include his six-month-old daughter, his parents, his two uncles, his sister, and his grandmother.
As mentioned before, while there’s no definitive answer as to how Kane became $26.8 in debt, the bankruptcy documents showed that Kane lost at least $1.5 million throughout gambling in 2020.
That was not the first time he ran into gambling issues where he’s owed money.
Last year, it was announced that the Cosmopolitan of Las Vegas, a luxurious hotel and casino resort, filed a lawsuit against Kane for $500,000 in unpaid gambling bills. Eventually, the two sides did settle.
Many people will be watching to see what Kane’s next moves are, however, his options are slim at the moment.
For starters, there is the possibility that he may miss the entirety of the 2020-21 NHL season.
With the world being in the middle of a pandemic, Kane may choose to miss the season to be with his six-month-old daughter for safety reasons, according to the bankruptcy petition.
The petition also states that if Kane’s contract is terminated or if he chooses to opt-out of the upcoming season, he will not receive any part of his salary.
The main issue regarding any sort of opt-out is that the NHL’s deadline to do so was back on Dec. 24 — over two weeks before Kane even filed for bankruptcy. Given that fact, it remains to be seen if a special exception or another option can be made for him in this case.
If not, it seems as if Kane will remain a Shark until next season at the earliest, barring any in-season trades.