NEW YORK (AP) — The NHL and the NHL Players’ Association say the salary cap for the 2014-15 season is going up to $69 million after a year of record revenues.

In a joint announcement Friday before the NHL draft, the sides said the cap is rising from the $64.3 million upper limit that teams operated on during the just-completed season. As stipulated in the collective bargaining agreement between the league and the players, clubs must maintain a minimum payroll of $51 million.

NHL Commissioner Gary Bettman said Thursday, following a meeting of the league’s board of governors, he hoped to have the cap set before the start of the two-day draft Friday. Now clubs know the salary parameters they have to work with entering the free-agent signing period that begins Tuesday.

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