NHL salary cap to hit $70.2 million

NEW YORK, June 28 (UPI) -- The National Hockey League, which opens bargaining with the NHL Players Association Friday, raised the salary cap for the 2012-13 season to $70.3 million.

That's an increase of $5.9 million from last season's $64.3 million cap, the upper limit a team can spend.

All 30 NHL teams will be required to spend at least $54.2 million next season, up from a minimum of $48.3 million this past season.

NHL players currently receive 57 percent of league revenues of more than $3.1 billion, USA Today reported.

The league free agency period opens Sunday.