Ovechkin returns to Capitals on 5-year, $47.5M deal

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On the eve of free agency, the Washington Capitals have re-signed Future Hall of Famer Alex Ovechkin to a five-year, $47.5 million deal to remain with the franchise.

“I’M BACK DC !!!!!” Ovechkin wrote on Twitter with a picture of him holding up the signed contract surrounded by his family.

"Alex is the face of our franchise and is committed to this organization and this city," Capitals general manager Brian MacLellan said in a statement. "Alex embodies what our franchise is all about, and we're thrilled that he will continue his career in the Caps uniform for the next five years."

The contract will carry an average annual value of $9.5 million and continue through the 2025-26 season when Ovechkin will be 40.

Ovechkin scored 24 goals in 45 games during the pandemic-shortened 2020-21 season that tied him for 13th in the league and marked the first season in which he did not reach the 30-goal mark.

"Alex is a world-class athlete who will forever be regarded not only for leading the team to achieve our ultimate goal of winning the Stanley Cup, but also for inspiring the next generation of fans and youth players," Capitals CEO Ted Leonsis said in a statement. "The impact Alex has had on hockey in D.C. extends well beyond Capital One Arena. His performance on the ice has undoubtedly sparked countless new fans of the game and inspired more youth players to lace up skates of their own.

"Off the ice, Alex's impact is equally unmatched. Not only is he committed to the franchise, but also to the community, and we look forward to seeing him in the Capitals uniform for years to come."

Ovechkin has scored 730 goals and 1,320 points during his 16-year career in Washington, including the franchise's first Stanley Cup championship in 2018.

Washington selected Ovechkin with the No. 1 pick in the 2004 NHL Draft, and since his debut on Oct. 5, 2005, the Capitals rank second in the NHL with 689 wins and 1,524 points.