NBA NEWS: After failing to reach a new collective bargaining agreement on Thursday, NBA owners have locked out the players today.
WATCH VIDEO:
No one wanted the lockout, but after three hours of negotiations, a deal could not be reached, according to San Antonio’s Matt Bonner, vice president of the NBA Players Association.
ESPN reports:
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.
Source: Huffington Post
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