Ovechkin was vocal in his desire to play in the KHL in the event that the NHL locked out its players when the collective bargaining agreement expired on Sept. 15. With the lockout in its second day and no end in sight, Ovechkin has followed through with his previous statements.
Dynamo Moscow will be forced to pay more than $100,000 per month of insurance on Ovechkin's contract. That stipulation was reportedly a huge component in whether the 27-year-old superstar was going to play for Dynamo or CSKA Moscow.
Ovechkin began his professional career with Dynamo in 2001-02 at the age of 16. During four seasons with the club, he recorded 36 goals and 33 assists for 69 points in 151 career games.
For a full list of confirmed and rumored transfers, click here. For more on the NHL lockout, continue to check out this Storystream and SB Nation's NHL hub, which will have all the latest news and updates.