NHK ratifies new agreement
(01-10 11:28)
The National Hockey League has ratified a new collective bargaining agreement after a unanimous vote by the board of governors.
Board chairman and Boston Bruins owner Jeremy Jacobs announced the ratification while league commissioner Gary Bettman apologized for the 113-day lockout.
"I'm sorry. I know an apology or explanation isn't enough, but I owe you an apology," said Bettman who has now overseen three labour disputes during his time in office, RTHK reports.
The new CBA will last for 10 years, with an opt-out clause after eight seasons. The players' share of hockey-related revenues will fall from 57 percent to an even 50-50 split with the owners.
The salary cap for the upcoming season will reportedly be US$70.2 million with a minimum payroll of $44 million. The salary cap will drop to US$64.3 million for the 2013-14 season.
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