The International Olympic Committee (IOC) has expressed its regret that the world's best ice hockey players will miss next year's Winter Games after the National Hockey League opted against participation in Pyeongchang. The NHL reached a decision on Monday to not release its players for the Games, saying talks to find a solution to the problem of halting their league mid-season to accommodate the Olympics in the past had not been successful. "I feel sorry for the athletes because for them it must be a great disappointment," IOC President Thomas Bach told reporters in Aarhus on Tuesday. "Obviously, they (NHL) wanted more money or whatever, we do not know what they really wanted. "The IOC policy cannot be there to give more money, finances, to a commercially orientated owner of a club in a national league," Bach added, admitting that he had expected the NHL's decision. In an earlier statement, the IOC said: "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 Pyeongchang Winter Games will take place in South Korea from Feb. 9-25 next year. Unhappy over the prospect of shutting down their season for almost three weeks, the NHL had been seeking major concessions from the IOC, including recognition comparable to that of an Olympic top sponsor, for taking part. The IOC and the IIHF had agreed to ensure payment of transportation and insurance for the players after having initially refused, in an effort to reach an agreement. The decision will impact almost every major hockey-playing nation with the Swedish, Finnish, Russian, United States and Canadian teams almost entirely comprised of NHL representatives. However, some players have said they would like to go to the Games irrespective of what the league had decided. "We players knew nothing, because naturally they haven't spoken to us," Ottawa Senators captain Erik Karlsson told Swedish sports newspaper Sportbladet. "It's so idiotic. Whoever did this has obviously no idea what they are doing." With both the 2018 and the 2022 Winter Games in Asia and the NHL making efforts to tap into the region's lucrative market, the logic behind the decision was lost on Swedish goaltender Henrik Lundqvist, who plays for the New York Rangers. "Disappointing news, @NHL won't be part of the Olympics 2018. A huge opportunity to market the game at the biggest stage is wasted," he said on Twitter. Bach said all players, including those in the NHL, were welcome should they decide to compete in South Korea. "For us, the players are always welcome. If any NHL player wants to join his Olympic team then he is most welcome," he said. The National Hockey League said on Monday that it would finalize its 2017-18 season schedule without a Winter Games break. It declared negotiations "officially closed". The NHL statement brings an end to years of tense bargaining between the International Olympic Committee, International Ice Hockey Federation (IIHF) and the NHL over the league's continuing participation in the Winter Games. The NHL had participated in every Winter Olympics since the 1998 Nagano Winter Games. "Players are extraordinarily disappointed and adamantly disagree with the NHL's shortsighted decision," the NHL Players Association (NHLPA) said in a statement. "Any sort of inconvenience the Olympics may cause to next season's schedule is a small price to pay compared to the opportunity to showcase our game and our greatest players on this enormous international stage." The NHL said they had become frustrated with months of inaction and "no meaningful dialogue". "Instead, the IOC has now expressed the position that the NHL's participation in Beijing in 2022 is conditioned on our participation in South Korea in 2018," the league said. "And the NHLPA has now publicly confirmed that it has no interest or intention of engaging in any discussion that might make Olympic participation more attractive to the clubs. "As a result, and in an effort to create clarity among conflicting reports and erroneous speculation, this will confirm our intention to proceed with finalizing our 2017-18 regular season schedule without any break to accommodate the Olympic Winter Games. "We now consider the matter officially closed." The stunning reality of the decision announced on Monday began hitting home for Jack Eichel following Buffalo's 4-2 loss to Toronto. "It's a little bit disappointing as a player who takes a lot of pride in representing his country and who's done it before," Eichel said. "As a young kid just breaking into the league it's something I definitely watched growing up and looked forward to." Youngsters and veterans, from Alex Ovechkin and Jonathan Toews to Connor McDavid and Henrik Lundqvist, the world's best players called playing in the Olympics important. The league decided otherwise. Commissioner Gary Bettman and Deputy Commissioner Bill Daly informed the NHL Players' Association that the matter was "officially closed." Maple Leafs coach Mike Babcock, who led Canada to consecutive Olympic gold medals in 2010 and 2014, said, "I'm just going to tell you I'm disappointed." Players blasted the decision. "It's beyond disappointing," said Montreal Canadiens goalie Carey Price, who won a gold medal at the 2014 Sochi Games. "It was one of the best experiences of my life and catapulted my career to the next level and things have been going pretty well since then." —Reuters