NHL and Players' Union Reach 'Tentative' Agreement on New Labor Deal
New York, NY
The NHL and the players' union have reached a tentative agreement on a new labor deal, signaling an end to a lockout that has shelved more than half of the regular season.
According to multiple sources, the deal has been dubbed as "tentative" because there are still details to be ironed out.
However, the source said that the two sides have agreed verbally on major points, including a 10-year collective bargaining agreement with a mutual opt-out clause after eight years.
The two sides also agreed verbally on contract term limits at seven years or eight years for a team to re-sign its own players and a 2013-14 salary cap of $64.3 million.
The tentative agreement was reached after more than 16 hours of talks at a hotel in midtown Manhattan.
According to NHL.com, the two sides have been involved in a lengthy mediation session that has stretched into Sunday morning in an attempt to establish a new collective bargaining agreement.
The main negotiators from the NHL and NHLPA met face-to-face Saturday afternoon for the first time since breakout sessions on pension and hockey-related revenue issues were conducted Thursday.
Earlier, NHL Commissioner Gary Bettman said that a deal should be reached by Jan. 11 in order to save a 48-game season.
Bettman added that for a 48-game season to be played, the "puck needs to drop" by Jan. 19.
The NHL and the players association have reached a tentative agreement to end the lockout
NHL reaches tentative agreement to end lockout
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