"This must be a huge disappointment for the players who definitely wanted to play at the Olympic Winter Games PyeongChang 2018… The decision is even more regrettable, as the International Ice Hockey Federation (IIHF) had offered the same conditions to the NHL as at previous Olympic Games, where the insurance and travel costs were covered," the IOC statement read.
The committee added that it "distributes 90 per cent of its revenue for the development of sport in the world," and therefore cannot offer a national commercial league preferential treatment over non-profit International Sports Federations "which are developing sport globally."
The dispute between the parties arose after the IOC refused to pay the cost of insurance, accommodation and transportation for players from the NHL.
The NHL is composed of 23 US teams and 7 Canadian teams, and has participated in the Olympics since 1998.
The 2018 Winter Olympics will be held on February 9-25.
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