NEW YORK -- NBA players are locked out, possibly jeopardizing next season.
Union chief Billy Hunter said Thursday afternoon that owners had locked out the players after failing to reach a new collective bargaining agreement.
With this latest action, two of four major professional sports in the United States are locked out. The NFL locked out its players in March, and the two sides have been in discussions this week, trying to work toward a new deal.
Despite a three-hour meeting Thursday, the NBA and its players could not close the enormous gap that remained in their positions. The CBA was due to expire at midnight.
Hunter said the union made a "moderate" new financial proposal, but it wasn't enough to keep the two sides at the bargaining table.
Hunter said the two sides plan to meet again in the next two to three weeks.
All league business is officially on hold, starting with the free agency period that would have opened Friday, and games eventually could be lost, too. The last lockout reduced the 1998-99 season to just a 50-game schedule, the only time the NBA missed games for a work stoppage.
"We tried to avoid the lockout; unfortunately, we couldn't reach a deal," union executive committee member Matt Bonner said.
The sides remained far apart on just about every major issue, from salaries to the salary cap, revenues to revenue sharing.
Players, who previously offered to reduce their salaries by $500 million over five years, considered the owners' proposal for a "flex" cap, where each team would be targeted to spend $62 million, a hard cap. Although the league said total player compensation would never dip below $2 billion over the life of its proposed 10-year deal, that would amount to a pay cut for the players, who were paid more than $2.1 billion this season in salaries and benefits.
Owners also wanted a reduction in the players' guarantee of 57 percent of basketball revenues.
Looks like some people might actually watch the WNBA now..
Well, I guess I'll have to watch the NFL instead...... OH WAIT!
God this sucks
Whos going to join me in the "Never Miss a WNBA Eastern Conference Finals Club"??
What is usually an exciting time of year watching the new crop of rookies this site is devoted to in summer ball and free agency kicking off - is now swept away under the mat of bickering over money. Guess I'll go watch a baseball game :(
Im Glad the Raptors Drafted Jonas Valanciunas...hell be busy playing professional basketball/ Summer FIBA....should be ready for next year
IF you think the players make too much money then don't offer them that much! Greg Oden gets 8 mill next year, really?? what has he done?? Eddy Curry, Samuel Dalmbert, Brian Cardinal, Jerome James, and I can name about 100 more players receive twice as much as they deserve..Just read some where that Thaddus Young wants 11 mill a season, really?? Stop overpaying players!! Get some ballz!!
The owners are looking for some protection from themselves. However, it's when you have a restricted free agent and the larger market, wealthier teams make a play for your players - that's when you get stuck having to overpay. Of course, if other teams couldn't bid on your free agents, free agency itself wouldn't exist
This might be a long one people.............really long.
Its sad to not have basketball. They players are playing hard ball and rightfully so. But at the end of the day these owners did not make their fortune in Basketball. The owners have other revenue sources, but they will feel the sting a little in their wallets but not as much as the players. Once the players go a few months without a check or the kind of money they or use to (while playing overseas), they will give in.
Some money is better than no money. The owners have the upper hand in this battle. You will see alot of players, especially high price players back off their stance once the checks stops coming.
A) that's what she said
and B) don;t say that. Im already getting depressed of not watching NBA. Please let this be over soon!
Good thing college basketball is gonna be exciting. We will probably get more highschool games on ESPN now and more Euro games on NBAtv
The owners' teams have lofty valuations due to NBA brand equity. If that brand equity goes away then I would bet 50% of those valuations go away. So really, how much is an NBA that doesn't make any money worth? You're basically buying a "name" and hoping you can flip it to another sucker.
Owners could lose hundred's of millions of dollars if the NBA name turns to crap again.
I'm surprised you only said "twice"! lol
But yeah this obviously sucks for us fans.
Side Note - another nice performance by jonas valancious against croatia
19 points 15 boards and 5 blocks
also an interesting read for raptors fans (patric young who might be a lottery pick last year tweets after getting owned by Jonas on tuseday) - http://cutoruncut.wordpress.com/2011/06/30/jonas-valanciunas-latvia-twit...
The euroleague is looking awfully good right about now...
I am not sure why this made me happy, but it does,
last thing I want is to miss Games,
but I am just tired of the greed from both sides.
^ i somewhat feel the same way and the same time i dont want to miss the games....ill probobly be pissed when november comes along but for now its not bothering me much as the season is too far away to get excited over
For those of you who don't know who he ishttp://en.wikipedia.org/wiki/Tom_Penn He is former NBA exectutive who is currently an ESPN analyst. When it comes to the lockout he went through it in 1999 and has been awaiting this day for 12 years. He knows the inner workings of what it will take to get a deal done and the probability of not having a season. He thinks this lockout is much worse than the "99" lockout where the NBA lost 50 games. He was just on PTI and said he feels that there is a "75% chance of not having a season"...I am no mathematician, but I'm pretty sure those odds are F!@#ING HORRIBLE and best case secnario looks like the 2011 NBA season will be cut in half!!!
This is ridiculous. The owners cant lose money. They cant pay out 2 billion in salaries and then not turn a profit. I know they players don't want to budge but they have too. If they give away a whole season that is a lot of money lost. At some point it has to be better to accepta worse deal than losing out on a whole years worth of salary.
I want the season to start, but I understand the player's side if the owners get all they want the players lose: guaranteed contracts, a soft cap, mid level exceptions and they even take a paycut. Imagine if your boss tried to take away all your benefits with a pay cut, of course you wouldn't be happy. The NBA players' deal would be as bad as hockey players and way worse than football or baseball. Things do need to be changed, but not as much as the owners are asking for.