The National (ice) Hockey League and its players union have agreed in principle to a new collective bargaining agreement, a move that ends the longest labor dispute in American professional sports history.

The two sides finished negotiations at a 24-hour-long meeting in New York that started Tuesday. The move ended a 301-day lockout that canceled all of last season.

The . In addition, the amount spent on player salaries will not exceed 54% of league revenues. Players still under contract from previous years will see their salaries cut by 24%.

There will also be some rule changes, including reducing the size of goaltender equipment and using a shootout to decide tied games. The deal still has to be ratified by the NHL Player's Union and the League's Board of Governors. The process is expected to be finished by next week.

Some information for this report provided by AP.