NEW YORK -- The
National Basketball Association announced that it will commence a
lockout of its players, effective at 12:01 am ET on July 1, until a new
collective bargaining agreement is reached with the National Basketball
Players Association. "The expiring collective bargaining agreement created a
broken system that produced huge financial losses for our teams," said
NBA Deputy Commissioner Adam Silver. "We need a sustainable business
model that allows all 30 teams to be able to compete for a championship,
fairly compensates our players, and provides teams, if well-managed,
with an opportunity to be profitable.""We have made several
proposals to the union, including a deal targeting $2 billion annually
as the players' share -- an average of approximately $5 million per
player that could increase along with league revenue growth," said
Silver. "Elements of our proposal would also better align players' pay
with performance.""We will continue to make every effort to reach
a new agreement that is fair and in the best interests of our teams,
our players, our fans, and our game."During the lockout, players
will not receive their salaries; teams will not negotiate, sign or trade
player contracts; players will not be able to use team facilities for
any purpose; and teams will not conduct or facilitate any summer camps,
exhibitions, practices, workouts, coaching sessions, or team meetings.