The League-owned NFL Network reported the extension on negotiations beyond the original deadline of midnight eastern time on Thursday. Both parties have been in negotiations with a federal mediator over the past week after talks over how to divide the NFL's US$9 billion annual revenues had reached stalemate.
Other key issues include the expansion of the regular season to an 18-game schedule, a rookie wage scale and pensions for former players. The announcement of an extension came just hours after US President Barack Obama urged the warring sides to reach a deal without the need for political intervention.
“We've got owners, most of whom are worth close to a billion dollars,” Obama told a press conference at the White House. “You've got players who are making millions of dollars. My working assumption at a time when people are having to cut back, compromise and worry about making the mortgage and pay for their kids' college educations is that the two parties should be able to work it out without the President of the United States intervening.”
The League’s owners currently take $1 billion out of the $9 billion annual turnover to cover their costs before dividing the rest, with the players taking around 60% of the remaining $8 billion.
