The day hockey fans have looked forward to for nearly a year arrived today.
The NHL and its players announced an agreement in principal on a collective bargaining agreement this morning, which pending ratification by players and owners next week would end the longest work stoppage in North American pro sports history.
Technically, the lockout isn’t over. Players or owners could vote down the agreement during membership meetings next week, but that is unlikely.
The NHL and NHLPA declined to divulge details of the new CBA and said there would be no comment on it until it has been ratified.
Previous media reports based on anonymous sources have said the deal will include a salary cap at around $39 million, with a minimum of $21.5 million, and that teams are expected to pay out no more than 54 percent of all revenues collected. The agreement also reportedly will include a rollback of existing contracts by 24 percent, and a portion of player salaries would be set aside in an escrow account to compensate players or owners if revenues exceed or fall short of projections.
With rollbacks of salaries by 24 percent, the Avalanche currently would have a payroll of around $21 million. The team has several star players unsigned for a 2005-06 season, including Milan Hejduk, Adam Foote, Alex Tanguay, David Aebischer and Peter Forsberg.
Foote and Forsberg would be eligible for unrestricted free agency under the old CBA.
The Avs said they would have no formal comment until the agreement is ratified. Players have a membership meeting on Tuesday, and the NHL’s board of governors are scheduled to meet July 21 .
