NBA and players’ union reach extension deal as sides work to avoid lockout after making $10billion
NBA and players’ union reach extension deal as two sides work to avoid lockout after making record $10 billion last year
- The NBA & NBAPA has reportedly agreed to push back a deadline to give notice of an opt-out of the current CBA which ends following the 2022-23 NBA season
- The date is presently December 15 and is reportedly like to move into February
- A pushing back of the deadline is likely to help avoid the likelihood of a lockout
- The National Basketball Association made a record $10billion last year
- Click here for all your latest international Sports news from DailyMail.com
The National Basketball Association and the NBA Players Association will extend the deadline to give notice of intent to opt out of the current collective bargaining agreement which ceases following 2022-2023 season.
Currently, the deadline sits at December 15, but that will be postponed to a different date – reportedly to be in February.
According to an ESPN report, such a decision is set to arrive when a governors virtual meeting next Wednesday.
The deadline to give notice of plans to opt out at the end of the CBA will be reportedly delayed
An opt-out by either side would bring into play the potential of a cease to work on July 1, 2023. This of course has been seen previously, with the most recent being the lockout of 2011.
It began on July 1, 2011 and lasted 161 days. Resultantly, the 2011-12 season was reduced from 82 to 66 games.
The NBA is coming off a massive financial year, with revenue topping $10 billion for the first time and basketball-related income reaching $8.9 billion, another record.
Under league commissioner, Adam Silver, the NBA has thrived financially, setting records
Naturally, the extension of the deadline for intent decreases the possibility of another lockout.
Per NBA insider Adrian Wojnarowski, the NBA is seeking an ‘upper spending limit’ to be implemented in the upcoming CBA. Otherwise explained as a hard salary cap.
Though this is seen as a major sticking point currently, with the players’ union said to be strongly opposing this.
With franchises such as the Brooklyn Nets, Golden State Warriors and LA Clippers all in big markers, and spending as such, the NBA wants to create greater parity and instill a hard limit as opposed to the current luxury tax.
The Golden State Warriors have brought much success to the Bay by spending big time
In its current iteration, according to Spotrac, the Warriors have an NBA-record $170.1 luxury tax bill.
10 NBA franchises including the aforementioned teams, plus the Bucks, Celtics, Lakers, Suns, Mavericks, Nuggets and 76ers are above the luxury tax threshold.
Golden State, Brooklyn and the LA Clippers all have a three-figure luxury tax bill.
For all the latest Sports News Click Here
