The San Jose Sharks and forward Evander Kane have found themselves in legal trouble early in 2021, following allegations that Kane had secured bank loans against his 7-year, $49M contract, which he signed in May of 2018, with payments being routed through the Sharks organization as an arranged agreement between Kane and the team.
Arkansas-based Centennial Bank claims that Kane and the Sharks owe in excess of $8M, including principal, interest and bank fees after both Kane and the team stopped making payments in 2019.
According to the claim, the Sharks were supposed to make continuous monthly payments to the bank via direct deposit from Kane's wages until the loan was fully paid back. In its statement, Centennial claims that it was Kane who had directed the Sharks to stop payments on the loan.
"Centennial believes and therefore avers that the borrower has directed the team to discontinue any and all future direct deposits of the pledged payments into the designated account in violation of the security agreements."
The hopeful outcome from the bank is for the organization to continue to make payments on the loan until the balance is settled, with an order for Kane not to interfere with the process.
According to the source, Sanjosehockeynow.com, the Sharks have refused to comment on the matter at this time.
