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In a last-ditch attempt to preserve an 82-game season, the league has sweetened their 50-50 revenue split deal by allowing teams to spend up to $70 million in 2012 as a part of transition rules.
In addition to the NHL offering a 50-50 revenue split during Collective Bargaining Agreement talks on Tuesday, the league will also allow teams to spend up to $70 million on salaries in 2012, according to Pierre LeBrun of ESPN:
Am told league offer also will allow teams to go over salary cap in Year 1 - up to $70 M max - as part of transition rules— Pierre LeBrun (@Real_ESPNLeBrun) October 16, 2012
The NHL Players' Association will hold a 5 p.m. ET conference call to discuss the league's offer with the players' negotiating committee and the union's executive board, but according to further reports from ESPN, it appears unlikely that a formal response will come on Tuesday.
The league's offer is a last-ditch attempt to preserve an 82-game season. Commissioner Gary Bettman has said that an agreement would have to be reached by Nov. 2 to maintain a full slate of games in 2012-13.