Ribeiro signs 4-year deal with Phoenix Coyotes

Ribeiro signs 4-year deal with Phoenix Coyotes
July 5, 2013, 12:45 pm
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Mike Ribeiro, Matt Hendricks out of Washington

It’s official: Mike Ribeiro is no longer a member of the Washington Capitals.

Less than 40 minutes after hitting the free agent market Ribeiro agreed to a four-year contract with the Phoenix  Coyotes worth $22 million

The payday was the biggest among all free agents in the first 40 minutes of free agency and carries a cap hit of $5.5 million. Former Bruins forward Nathan Horton was expected to top that deal with an agreement with the Columbus Blue Jackets.

Back in March, Ribeiro turned down a three-year offer from the Caps worth $14 million, which would have been a $4.66 million cap hit.

With Ribeiro off the market, the Caps will now look to fill the hole of No. 2 center, where Ribeiro was second on the team last season with 49 points in 48 games.  

More to come …