Money to play with: NHL’s salary cap rises $5.9 million to $70.2 million

NEW YORK, N.Y. – The NHL’s salary cap is increasing despite impending labour talks.

The league and NHL Players’ Association announced the cap would increase from US$64.3 million to $70.2 million.

The lower limit on what teams must spend also rose from $48.3 million to $54.2 million.

The cap, which will only be in effect until a new collective agreement is signed, will be used by teams as they negotiate contracts through the free agency period this summer.

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The current CBA expires Sept. 15.

Formal negotiations for the new labour deal begin between the league and union Friday in New York.

The introduction of a salary cap and a 24 per cent rollback of salaries were added to the current CBA after the 2004-05 season was lost to lockout.

Note to readers: This is a corrected story. A previous version stated the old salary cap was $64 million and the old cap floor was $48 million.