The New York Rangers are focusing on a “retool” as the team is on track to miss the playoffs for a second straight year, general manager Chris Drury announced on Friday.

“This will not be a rebuild,” Drury vowed in a letter penned to fans. “This will be a retool built around our core players and prospects.”

Drury announced the franchise’s new direction two days after fans at Madison Square Garden chanted “Fire Drury” during an 8-4 loss to the Ottawa Senators on Wednesday.

“We wanted to take a moment to connect with our loyal and passionate fanbase,” Drury wrote. “We know and feel your disappointment with how the season has gone to this point. We are just as frustrated and want nothing more than to deliver an on-ice product you can be proud of – it’s what drives us every day. No one in the organization is happy with what has transpired – from management, to coaches, to players. Over the last few years, we’ve had some successes and moments to cherish, but ultimately it was not the end goal. We are working relentlessly every day to bring a Stanley Cup back to New York because that is what our fans deserve.

“With our position in the standings and injuries to key players this season, we must be honest and realistic about our situation. We are not going to stand pat – a shift will give us the ability to be smart and opportunistic as we retool the team. This will not be a rebuild. This will be a retool built around our core players and prospects. We will target players that bring tenacity, skill, speed, and a winning pedigree with a focus on obtaining young players, draft picks, and cap space to allow us flexibility moving forward. That may mean saying goodbye to players that have brought us and our fans great moments over the years. These players represented the Rangers with pride and class and will always be a part of our family.

“As we start on this new strategic plan, we will continue to play hard with pride and passion for our fans. We appreciate your unwavering support for the Rangers more than we can describe and thank you for all that you do for our organization. You will begin to see some of our plans come to light in the coming weeks and months. LGR”

Mollie Walker of the New York Post reports the Rangers players were informed earlier on Friday that the letter would be going out and there was a meeting between the team’s leadership group and Drury, in addition to an individual meeting between Drury and star winger Artemi Panarin.

I’m told whole #NYR team was informed this letter from GM Chris Drury would be going out later today.

There was another meeting just with the leadership group.

Artemi Panarin also had an individual meeting with Drury today, per source.

— Mollie Walker (@MollieeWalkerr) January 16, 2026

The Rangers currently sit last the Eastern Conference amid a four-game losing skid and have just a 2-6-2 record in their past 10 games.

Panarin was listed at No. 3 on TSN’s first Trade Bait board of 2026 on Thursday. Panarin is a pending unrestricted free agent, and while the Rangers are struggling, he is on pace to top the point-per-game mark for the ninth straight season with 16 goals and 51 points in 47 games this season.

The 34-year-old winger has a full no-move clause in the last of a seven-year deal signed with the Rangers in 2019 at a cap hit of $11.64 million and it remains unclear if he would be willing to waive his trade protection ahead of the March 6 deadline.

“There’s a whirlwind of speculation around what Chris Drury, the general manager of the New York Rangers might do,” TSN Hockey Insider Darren Dreger explained on Early Trading Thursday. “That is a nasty building when things aren’t going well, and the Dolan family that owns the Rangers is part of it. They can hear it, and undoubtedly there’s an emotional impact on what Drury might be able to do moving forward.

“Lots of speculation around Artemi Panarin, we know he’s got the expiring contract, but he also has a no-move clause, so what direction is Panarin willing to go in?

“There’s been some speculation and talk that the Panarin camp has historically engaged in what an extension might look like with the Rangers, and the belief is that it doesn’t look good from Panarin’s perspective, so we do have to wait a little bit longer to see how this plays out.

“Is he willing, if there is no extension that is willing to be negotiated, is he willing to present a list? And how short is that list?

“You always look at the normal teams: the Florida Panthers, the Dallas Stars, the Golden Knights. Maybe there’s a couple of other teams that would express interest in the star that Panarin is.

“But if he doesn’t present that list, and he decides that there is an extension or isn’t an extension that works for him, he could absolutely walk into free agency, and the Rangers get nothing in return. That would be worst-case scenario for Drury and the team.”

The Rangers became just the fourth team in NHL history to win the Presidents’ Trophy one season and miss the playoffs the next last spring.

Drury sent a memo out to other NHL general managers early last season that the team was willing to listen to trade offers on then-captain Jacob Trouba and veteran forward Chris Kreider. The memo came early in a stretch that saw the team go 5-16-0 over a 21-game span after a promising 12-4-1 to plummet out of a playoff spot. Trouba was moved during the free fall, while Kreider was traded to the Anaheim Ducks in the off-season.

The Rangers were buyers ahead of the trade deadline last season, though, acquiring now-captain J.T. Miller from the Vancouver Canucks for a package that included their 2025 first-round pick.

New York has their own first-round pick in addition to the Carolina Hurricanes’ first-round pick in this year’s draft after trading K’Andre Miller in June.