Ilya Kovalchuk has officially agreed to terms with KHL St. Petersburg.

This move has been widely reported since Kovalchuk first “retired” from hockey last week. At the end of the day, what basically happened is that Kovalchuk got out of the final 12 years of his contract with the New Jersey Devils so that he could continue his career at home. Although Kovalchuk left $77 million on the table when he ended his agreement with the Devils, there have been reports to indicate that Kovalchuk will actually benefit financially from this move.

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