NBA and players’ union reach extension deal in labor talks over new collective bargaining agreement as both sides work to avoid lockout ahead of new February 8 deadline – after making record $10billion last year
The NBA and the players union have agreed to push back the date if either side wants to opt out of the current collective bargaining agreement, after a board of governors meeting Wednesday.
February 8 is now the agreed-upon deadline. Previously, Thursday had been the deadline. Instead, it will occur the day after the league’s trade deadline.
A joint statement was released alongside news of the extension.
The deadline to give notice of plans to opt out at the end of the CBA was shifted to Feb. 8
The NBA and NBPA have mutually agreed to extend the deadline to opt out of the current Collective Bargaining Agreement from Dec. 15, 2022, to Feb. 8, 2023, in connection with ongoing efforts to reach a new agreement.
‘If either party exercises the opt-out, the CBA’s term will conclude on June 30, 2023.’
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 started on July 1, 2011 and lasted 161 days. As a result, the 2011-12 season was reduced from 82 to 66 games.
The NBA biggest stars are unlikely to experience another lockout following the shifted date
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.
Naturally, the extension of the deadline 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.
Although this is seen as a major sticking point currently, with the players’ union said to be strongly opposing this.
Under league commissioner, Adam Silver, the NBA has thrived financially, setting records
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 parties have also been discussing a return to letting players enter the draft straight out of high school without waiting a year, and is expected to be included in the next CBA.
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