NBA Owners & Players Reach Tentative Deal, End Lockout
After a 15 hour meeting on Friday, the NBA Lockout appears to be over.
Representatives from the owners and the NBA Players Association have agreed on a new deal that will save the 2011-12 NBA season, which will be scheduled to start on Christmas Day.
The sources have spoken to the Associated Press on the condition of anonymity because the agreement has not been ratified. In order for the deal to be approved, the owners and players will have to have a majority vote. 15 of the 29 owners (NBA owns the New Orleans Hornets), and the majority of the 430 players will have to be in favor of the deal. However, prior to the players' vote, they will have to reform as a union and drop their pending lawsuit against the NBA in Minnesota.
The deal was first reported by CBSSports.com, and per ESPN, the deal is reported to be for 10 years, with both sides having the right to opt-out the deal after six years, and the much heavily debated basketball-related income, or BRI split was settled at with the players getting close to 50% and the owners settling for just under 50%. The owners were seeking a 50-50 split, and the players wanted the majority of the income. In the previous collective bargaining agreement, players enjoyed a 57-43 split.
Free agency would be set for December 9th, and training camps would start around the same time. The season would start Christmas Sunday, and feature the a tripleheader with the Boston Celtics facing the New York Knicks, followed by the NBA Finals rematch between the Miami Heat and the Dallas Mavericks (the Mavs will receive their championship rings and raise their banner on this day), and then the Chicago Bulls take on the Los Angeles Lakers. The NBA will make adjustments to the rest of the schedule and the reports are saying that the 2012 NBA All Star Game will take place as scheduled in Orlando at the Amway Center.
Barring a failed vote, this deal will go through, and the 149-day NBA Lockout will be over, and the fear of a lost NBA season will be gone.