KHL, NHL reach new Memorandum of Understanding

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The National Hockey League and Kontinental Hockey League have agreed to a new Memorandum of Understanding, according to the KHL’s website. The two leagues first inked a Memorandum of Understanding on June 30, 2011 and their new agreement will expire on June 30, 2013.

The new deal requires the leagues to exchange contract details and provide weekly updates on any changes. They should also exchange their free agent lists.

If a player has a disputed contract status, both parties are required “to do everything in their power to reach a consensus.” However, should the leagues be unable to reach a consensus, “each party reserves the right to act in the way it considers appropriate in such circumstances.”

“The new Memorandum is yet another very important stage of progress between the KHL and the NHL,” KHL president Alexander Medvedev said. “The previous agreement ran for one year, during which there was not a single failure – every transfer of a player between one league and the other was conducted without a single conflict situation arising. This shows how both organizations are playing by the same rules. In the near future we will be able to regulate with more precision any transfers of players from the NHL to the KHL and vice versa.”