New York Rangers refuse arbitrator's award

NEW YORK, Aug. 4 (UPI) -- The New York Rangers exercised their right of refusal Tuesday on an arbitrator's award to forward Nikolai Zherdev.

Zherdev, 24, was granted a one-year deal Sunday worth $3.9 million. He was seeking $4.5 million while the Rangers were offering $3.25 million.

Once a decision on a free agent contract is reached through an arbitrator, a club has 48 hours to accept or reject the terms. Zherdev becomes an unrestricted free agent, able to sign with any other team.

Zherdev, who was acquired from Columbus in July 2008, had 23 goals with 58 points in 82 regular-season games for the Rangers last season.