The National Hockey League is officially back after a 119-day lockout and will return to action after the league and the players association signed a memorandum of understanding late Saturday night, the league announced, via NHL.com.
The NHL board of governors unanimously ratified a contract on Wednesday to end the lockout and the original plan was to start training camps on Sunday, if the memorandum of understanding was finished. The league allowed physicals and medical exams to take place on Friday.
The wide-ranging Agreement includes an economic system under which Hockey Related Revenues (HRR) will be shared 50%-50% between Owners and the Players. The Agreement includes terms that limit the length of individual Player contracts to seven years (eight when a team is re-signing its own Player) and regulates the compensation structure, year-to-year variability and defining minimum value.