Coyotes initiate buyout on Mike Ribeiro's contract

The Phoenix Coyotes will buyout the remaining years of centerman Mike Ribeiro's contract, the team announced on Friday. Ribeiro signed with the Coyotes as an unrestricted free agent a year ago and because his contract was signed after September 15th, 2012, this buyout will be of the ordinary course variety.

Ribeiro has a no-movement clause and can elect not to be placed on unconditional, $125 waivers.

The 34-year-old centerman has three years and $17.5 million remaining on the lucrative contract that he signed less than a year ago, so the buyout will cost the Coyotes $11.66 million spread over 6 years, per capgeek.com. In each of those six seasons, the Ribeiro buyout will take up $1.944 million against the salary cap.

In his only season in Phoenix, Ribeiro managed 16 goals and 47 points. Because he remains productive and plays a premium position, he's sure to generate significant interest as an unrestricted free agent. That is unless "character concerns" outweigh Ribeiro's hockey playing abilities, which seems to have been the case in Glendale, Ariz.: