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The Maple Leafs announced the deal Wednesday afternoon:
Brendan Shanahan, President and Alternate Governor of the Toronto Maple Leafs, announced today that Mike Babcock has been named the 30th head coach in the club’s history. Babcock, 52, joins the Leafs after serving as head coach of the Detroit Red Wings for the past 10 seasons.
According to Darren Dreger of TSN, Babcock's deal with the Maple Leafs will pay him around $50 million for the next eight years:
Sources say Mike Babcock has been hired by the Maple Leafs. Mammoth 8 yr contract believed to be around $50 million.— Darren Dreger (@DarrenDreger) May 20, 2015