New York Rangers president Glen Sather and general manager Jeff Gorton appeared to warn the team's fans of an approaching rebuild in a statement released Thursday.

The statement notes that the Rangers began reshaping their roster during the offseason and the club will now focus on acquiring young, competitive, and skilled players with character and speed. They also alerted fans that, in the process, familiar names could be traded as the team looks to build a future Stanley Cup contender.

Earlier Thursday, the team placed defenseman Brendan Smith on waivers. New York signed him to a four-year, $17.4-million contract just last summer.

Here's the full statement from Sather and Gorton: