A new agreement has been reached with the NHL Players’ Association to pay out the roughly $100.4 million in the lockout-shortened 2013-14 season and allow the players to play until July 1.
The NHLPA has also agreed to a three-year deal to pay the players’ union about $6 million annually, the union said on Friday.
The union said the agreement will allow the league to make further salary reductions and allow for the return of some players.
The agreement was reached with players’ representatives from the NHL, the NHLPA and the NHL.
“It’s great news and a tremendous win for the players,” NHL Commissioner Gary Bettman said in a statement.
“It also allows us to continue to build a stronger hockey world for future generations, and it gives us a significant source of stability.”
The NHL’s salary cap was $68 million for the 2012-13 season, and the union is seeking a reduction to $70 million.
The league has been in negotiations for a new collective bargaining agreement with the players for several months.
The NHL has said it could be in the $80 million range for next season.
The players’ lockout began on March 12 when players voted to end their collective bargaining process.
The deal between the union and the players came into effect on March 1 and expired on March 30.
The sides will meet again on May 7.