condition that it was not linked to league revenues, to which the league proposed a counteroffer of a $40 million cap plus $2.2 million in benefits, which the players association rejected. The next day, Bettman sent Goodenow a letter with a final proposal of a $42.5 million cap plus $2.2 million in benefits, setting a deadline of 11:00 the next morning to accept or refuse the offer. The NHLPA presented a counter-offer involving a $49 million cap, which the league rejected. With no resolution by the 11:00 deadline, Bettman announced the cancellation of the 2004–05 season on February 16, 2005, making the NHL the first major professional sports league in North America to cancel an entire season because of a labor dispute: the announcement was to have come on February 14, but it was delayed because of the death of the patriarch of the Sutter hockey family four days prior, whose funeral was held on February 15. Two days after the cancellation announcement, The Hockey News reported that a deal with a $45 million cap had been reached "in principle" with the help of owners and former players Wayne Gretzky and Mario Lemieux; both camps immediately denied this report. An emergency 6½-hour meeting took place the next day, but no agreement was reached, formalising the season's cancellation. Bolstered by the thought of losing a second season to a labor dispute, the sides began meeting again in June, with many pundits believing the lockout would end on July 4, 2005. While that date eventually came and went, sources were reporting to media that marathon sessions were taking place. Indeed, the sides met again for ten consecutive days (July 4–13), and a deal was reached "in principle" (meaning the sides have agreed, but nothing is signed) on July 13. According to reports, the July 12 session lasted through the night and until 6:00 on the morning of July 13, at which point the talks broke off for five hours, and resumed in time to complete the deal. On July 21, the players association ratified the agreement with 87 percent of its members voting in favor; the 30 team owners unanimously approved it the next day, officially ending the 310-day lockout. The salary cap would be adjusted each year to guarantee players 54% of total NHL revenues, and there would also be a salary floor. Player contracts are also guaranteed. The players' share