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Cleveland Browns release linebacker Mychal Kendricks

Mychal Kendricks

It didn’t take the Cleveland Browns long to decide on the fate of Mychal Kendricks, as the team has just released a statement saying they have already gotten rid of the embattled linebacker.

Here’s the complete statement of Cleveland general manager John Dorsey about Kendricks’ release, via the team’s website:

Prior to signing Mychal, we were informed that there was a financial situation that he had been involved with in 2014. We were told Mychal had fully cooperated with investigators as a victim. From what was communicated at that time and based on the numerous questions we asked and further due diligence on our part, including checking with the league office, there was no information discovered that conveyed otherwise.

Recently, we were provided an update on the matter and the circumstances have changed. We are now dealing with a different set of facts and the additional information we’ve gathered has led us to the decision to release Mychal from our team. Due to the ongoing legal nature of this situation, we will have no further comments.

This action comes less than 24 hours after Mychal Kendricks was charged with insider trading by federal authorities.

While the Browns were deliberating on their next move, they first decided to exclude Kendricks from their trip this Thursday for the preseason finale against the Detroit Lions.

Kendricks reportedly could face 8-12 months of prison sentence if proven guilty of the charge. In 2014, he allegedly received information that was not supposed to be available to the public about a merger from television writer and former Goldman Sachs employee Damilare Sonoike. Based on the details he got from Sonoike, Kendricks made investments in companies that were going to be obtained.

This is an ugly turn in Kendricks’ football career and personal life. With his release, the Browns have cleared $1.72 million in cap space.

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