06/25/2012 07:11 EDT | Updated 08/25/2012 05:12 EDT

National Lacrosse League opts out of collective bargaining agreement

NEW YORK, N.Y. - The National Lacrosse League is opting out of the final two seasons of the league's collective bargaining agreement.

The NLL intends to operate for the 2013 season under the terms for wages and conditions of the expiring CBA.

"Although we have opted out of the current agreement because the economic model does not serve our long-term interests, the league remains open for business and committed to play the 2013 season," said NLL commissioner George Daniel in a statement.

"We remain ready, willing and able to bargain in good faith with the Players Association on a new CBA."

The vote was held at the annual NLL board of governors meetings.

The recently completed 2012 season was the fifth year of a seven-year agreement that was agreed to before the 2008 season. That agreement allowed either the league or the players association to opt out of the final two years of the agreement.