The New York Rangers are buying out the final two seasons of disappointing defenseman Wade Redden's contract.
The Rangers made the move Thursday, one day after placing Redden on waivers. Now the 35-year-old Redden is an unrestricted free agent.
Redden has spent the past two seasons with Connecticut of the AHL after notching five goals and 35 assists in 156 regular-season games with the Rangers over two seasons after he signed a six-year, $39 million free-agent deal to leave Ottawa.
The accelerated compliance buyout, approved in the new labor deal, means Redden will earn a pro-rated $3.341 million for this season plus two-thirds of the $5 million he was set to earn next season.
In 994 career NHL games, the 35-year-old Redden has 106 goals and 344 assists.