The National Hockey League (NHL) and Kontinental Hockey League (KHL) announced signing a Memorandum of Understanding that regulates player transitions between the two leagues. The agreement respects the professional contracts of players from both leagues and obliges both sides to complete a range of procedures to avoid conflicts in the process of players moving from one league to the other.
NHL Deputy Commissioner Bill Daly and KHL President Alexander Medvedev signed the memorandum, which is effective for one year until June 30, 2012.
"We believe that the achievement of a consensus on the status of hockey players in both leagues will reflect positively on the broader development of the sport of hockey," KHL president Alexander Medvedev said in a statement.
It's a tribute to him, and everything he's done and deserved is coming to fruition tonight with his jersey in the rafters. He's going to be a first-ballot Hall of Famer. And I said today, if he's not, take my stuff out. If he doesn't deserve to be in there first ballot, no one does. Except for (Wayne) Gretzky, I guess.
— Hockey Hall of Fame member Brett Hull on former teammate Mike Modano, whose No. 9 was retired by the Dallas Stars on Saturday