Our goal from the start of this negotiating process was to sign Ilya Kovalchuk to a long-term contract. During the process, Kovy affirmed his desire to be a Thrasher for life. We've spent several months exploring scenarios with Kovy and his agent to reach a mutually beneficial agreement, and offered many lucrative packages in an attempt to meet his financial objectives. Unfortunately, we've reached an impasse and at this point he has declined all of our proposals and we can't reasonably go any higher.
Ultimately, we offered Kovy more than $101 million over 12 years, which would have been the highest contract signed by an impending unrestricted free agent in the history of the league. If accepted, this contract would have been the second highest offer ever to any NHL player. We also met his desire to be the highest paid player based on average annual salary with a separate offer of 7 years at $10M per year ($70M). This offer is $0.5M higher per year than any other player.
If we went beyond these offers, we would not be able to retain the young players on our roster when it came time to sign them, or invest in other top tier players needed to assemble a truly competitive team. Therefore, we are aggressively exploring all of our options as we move forward.