Toronto, ON (My Sportsbook) - The NHL Players' Association announced Friday it has declined to terminate the current Collective Bargaining Agreement with the league following the end of the current season.

The union's executive board held a conference call Thursday and voted unanimously to keep the current CBA in place.

As part of the agreement that was signed to end the lockout in July 2005, which forced the cancellation of the 2004-05 season, the players were given the right to opt out of the six-year deal after the fourth year.

"While the NHLPA's membership has issues with the current agreement, the players and their executive board decided that due to the current economic conditions as well as the players' focus on continuing to help grow this game and expose our great athletes to many more fans, now is not the appropriate time to enter complex labor negotiations," said NHLPA executive director Paul Kelly.

The current pact expires in September 2011, but the NHLPA has the option to extend it one more year through the 2011-12 season.