After some internal debate, the team has decided it will not use its remaining buyout on Richards and that he will remain with the team heading into the 2013-14 season, the team announced on Friday.
The Rangers already used one of their two buyouts on defenseman Wade Redden. It's possible they could use their other buyout next summer.
Richards, 33, still has seven years remaining on the nine-year contract he signed with the Rangers in free agency before the 2011-12 season. His deal carries a salary cap hit of $6.67 million per season.
His offensive production has been steadily trending downward the past few seasons, which is to be expected of a player already into his 30s. Still, even though he's not the player he once was when he was one of the cornerstones of a Stanley Cup winning team in Tampa Bay, he can still provide quality play. He's the type of player who might have a bad contract but isn't necessarily a bad player.
He scored 11 goals to go with 23 assists in 46 games for the Rangers in 2013.