But the documents also show Kane owes nearly $16 million in unpaid loans, plus more than $250,000 in unpaid federal and state taxes and nearly $80,000 in credit card charges. Kane owes Newport Sports Management, his former agency, nearly $530,000 and also is involved in a nearly $1.3 million arbitration dispute with a company called Sure Sports, a financial services firm geared toward professional athletes that arranged an $8.3 million loan for Kane with Centennial Bank, according to the Athletic.
Centennial Bank, one of the 47 creditors listed in Kane’s bankruptcy filing, last week filed a federal lawsuit against Kane and the Sharks in California, alleging the player defaulted on loans — secured by the contract he signed with the Sharks in May 2018 — given to him for “business opportunities.” Centennial also alleges the Sharks are legally obligated to pay the bank directly from Kane’s wages and that the team has not made a payment on the loans since October 2019.
Kane also claims $1.5 million in gambling losses in the previous year. In April, the Cosmopolitan hotel in Las Vegas dropped a lawsuit against Kane after alleging the NHL player failed to repay $500,000 in casino markers he had obtained on one night of gambling in April 2019. It’s unclear whether Kane repaid the debt in full or reached a settlement with the casino.
The bankruptcy filing lists six pending legal actions involving Kane. In one of them, Kane has filed a counterclaim against a woman who alleged in a lawsuit that Kane attacked her in his Buffalo hotel room in 2016. That legal matter still is pending, and Kane lists the damages potentially owed to him in that case as a financial asset.
Kane lists seven dependents in his bankruptcy filing: an infant daughter plus his mother, father, sister, grandmother and two uncles. He claims a monthly income of just $2,083.33, all of it coming from a podcast, and lists more than $93,000 in monthly expenses, with $15,000 of that per month going to family members.
In an attachment to the filing, Kane states that he might decide to opt out of the NHL season — thus forgoing his salary — “because of health concerns given the recent birth of his first child.” However, the deadline for Sharks players to opt out because of coronavirus worries was Dec. 24, and Kane has been practicing with San Jose during training camp and is expected to be in the lineup when the team opens play Thursday.
On Tuesday, Sharks Coach Bob Boughner told reporters he was “assured” that Kane would play the entire season.
“I don’t think we’re worried about a distraction. I won’t make a comment on any player’s personal situation, but I am assured that he will be here for the whole season and that he’s on board,” Boughner said.
The Sharks will play at least their first eight games on the road because of pandemic restrictions in California’s Santa Clara County.
Because he filed for Chapter 7 bankruptcy, Kane’s creditors are at least temporarily prohibited from collecting on his debts. Chapter 7 bankruptcy usually entails an appointed trustee selling off a debtor’s assets to pay that person’s creditors.
A number of professional athletes, including NBA stars Kenny Anderson and Antoine Walker, former NFL quarterback Charlie Batch and former NHL winger Darren McCarty have filed for Chapter 7 bankruptcy.