07/04/2013 05:41 EDT | Updated 09/03/2013 05:12 EDT

Canucks part way with Ballard, buying out high-priced defenceman's contract

VANCOUVER - The Vancouver Canucks have officially parted ways with Keith Ballard.

The Canucks announced Thursday that they are buying out the last two years of his contract, a day after the high-priced defenceman was put on waivers.

Ballard was scheduled to make $4.2 million in each of the final two years of his contract.

The eight-year NHL veteran who managed just two assists in 36 games with the Canucks last season.

Ballard said after Vancouver's exit from the opening round of the playoffs that he was prepared to accept whatever fate the Canucks had in mind for him.