The NHL lockout has already cost the league almost $100 million in lost revenue.
That figure will likely end up looking like chump change by the time the sport's latest labour dispute is settled.
Talks broke off quickly between the league and NHL Players' Assocation on Tuesday morning and deputy commissioner Bill Daly emerged from the meeting saying "no progress" was made. For the first time, he also revealed the extent of the damage the lockout has inflicted so far - "close to" $100 million after the cancellation of the entire pre-season schedule.
"That is not going to be recouped and that's going to cost both sides," Daly told reporters in New York. "That's unfortunate but it's a reality of where we are."
The revelation didn't elicit much sympathy from the union. Executive director Donald Fehr pointed out the sides could have continued negotiating past the Sept. 15 expiry of the last agreement.
"If this is a loss, this is a loss that is entirely of their own making," Fehr said. "They're the ones that did this, nobody told them to."
The $100 million lost so far represents approximately three per cent of the total amount of hockey-related revenue generated last season - essentially the pool of money the sides need to agree to split up.
And the 17-day lockout hasn't yet resulted in the cancellation of any meaningful games. However, with the regular season scheduled to begin on Oct. 11, it's only a matter of time before that happens.
"It's something we obviously have to focus on in the short term and make an appropriate decision in the appropriate time," said Daly. "We're still focused on doing what we can to minimize the damage."
There are currently no other bargaining sessions planned. Fehr spoke with commissioner Gary Bettman by phone Tuesday afternoon and is hopeful negotiations could resume in Toronto before the end of the week.
The talks have seemed troubled since start. A wide gulf has been evident since the NHL tabled an initial proposal that called for a flip in the way revenues are divided - with players receiving 43 per cent rather than owners - and included changes to rules governing contracts. The league has since proposed seeing the players' share reduced to 47 per cent over the course of a six-year deal.
Meanwhile, the NHLPA's latest offer would see it fall to approximately 52 per cent during the contract. They received 57 per cent last season.
"They started out with a massive reduction in player salaries proposed and a massive reduction in player negotiating rights," said Fehr. "They've sort of inched backwards a little bit after having run away from us about as far and as hard and as fast as they could."
