07/05/2013 12:54 EDT | Updated 09/04/2013 05:12 EDT

Coyotes open for business, sign centre Mike Ribeiro to four-year contract

GLENDALE, Ariz. - The Phoenix Coyotes showed they're not afraid to spend in free agency, signing centre Mike Ribeiro to a four-year deal worth US$22 million.

Ribeiro will count $5.5 million against the salary cap for a team that has an expanded budget under new ownership.

The 33-year-old centre said before the trade deadline that he was seeking a "long-term" deal to re-sign with the Washington Capitals, who acquired him at the 2012 draft.

He turned down a three-year, $14-million deal there.

Ribeiro had 13 goals and 36 assists in 48 games with Washington this past season.