Tentative NBA deal reached

NEW YORK -- The NBA owners and players have reached a tentative agreement to end the lockout.

"We have reached a tentative understanding that is subject to a variety of approvals and very complex machinations," NBA comissioner David Stern said. "But we're optimistic that will all come to pass and the NBA season will begin on December 25, Christmas Day."

"We're very pleased that we've come this far. We're optimistic it will hold and we'll have ourselves an NBA season."

After a secret meeting earlier this week, the sides met for more than 15 hours Friday, working to try to save the season. Under the deal, a 66-game season would begin on Christmas.

This handshake deal still must be ratified by both owners and players.

http://espn.go.com/nba/story/_/id/7281052/nba-owners-players-get-tentative-agreement

N.B.A. and Players Reach Tentative Deal to End Lockout
By HOWARD BECK
Published: November 26, 2011

On a frantic Black Friday in Midtown Manhattan, the biggest deal was consummated in a law office tucked between FAO Schwartz and the Apple Store, according to one of the negotiators.

With a few handshakes, and surely a few sighs, the N.B.A. and its players resolved a crippling labor crisis, paving the way to reopen their $4 billion-a-year business in time for the holidays.

Resolution came on the 148th day of the lockout, at the law offices of Weil, Gotshal and Manges, while thousands of shoppers swarmed on the plaza below. With a deal in hand, the N.B.A. plans to start the season on Christmas Day and play a 66-game schedule.

Ratification requires a simple majority of the N.B.A.’s 30 teams and a simple majority of the 430-plus players. The players must first reconstitute their union and drop the antitrust lawsuit they filed against the league last week.

The deal features a 50-50 split of revenues — a $300 million salary cut for the players — along with shorter contracts, smaller raises and harsher penalties on the top-spending teams. The 10-year agreement is the longest in N.B.A. history, although either side can opt out after the sixth year.

Friday’s session was the 25th since the lockout began. Most of the same key figures were in the room, despite the players’ lawsuit and the disbanding of their union.

Commissioner David Stern represented the league, along with the deputy commissioner Adam Silver, the San Antonio Spurs owner Peter Holt and the league’s top two attorneys. The players were represented by the leaders of their defunct union: Billy Hunter, Derek Fisher, Mo Evans, the attorney Ron Klempner as well as the outside economist, Kevin Murphy.

The lawyers spearheading the players’ lawsuit, David Boies and Jonathan Schiller, were not present. Nor was Jeffrey Kessler, the union’s chief outside counsel, who until now had been the players’ lead negotiator.

Kessler’s absence was not immediately explained, but the reasons seemed clear enough, given recent events. Jim Quinn — who preceded Kessler as outside counsel — was hired last week by Hunter to get the talks restarted. Although Kessler was still involved, Quinn effectively supplanted him as the union’s leading voice this week.

N.B.A. officials regard Kessler as a contentious personality who has been an impediment to making a deal. Quinn, who was the union’s outside counsel for two decades, is highly regarded by all parties and has a strong rapport with league officials, notably Stern.

Quinn was at the table when the parties quietly reconvened on Tuesday, but he was out of town on Friday. One of his associates from the law firm Weil, Gotshal and Manges took his place.

The N.B.A. has about four weeks to get the season started. It will take a week to 10 days to finish the collective bargaining agreement, which will be followed by a week of free agency and a week of training camp. A number of B-list items — including drug testing, the age limit and use of the Development League — still need to be negotiated.

Most of the critical issues, including the revenue split, were resolved weeks ago, leaving just a handful of thorny items to resolve.

http://www.nytimes.com/2011/11/27/sports/basketball/nba-and-basketball-players-reach-deal-to-end-lockout.html

BigDaddyG wrote:I'm curious what these 'harsher penalties on top spending teams' are. Does it mean the mid-level exception is gone for teams over the cap? Will we still be able to sign a decent stopgap at center?

It seemed like Silver was saying that they didn't get the full system changes they wanted, but was re-emphasising they got harsher luxury tax than the last cba, so it sounds like they compromised a bit on the exceptions etc and backed off a bit from the last proposal. My guess is that they'll have allowed MLE to be used by teams even if it takes them over the tax threshold, at the very least (last proposal a team under the tax couldn't use it if by doing so it would put them over the tax- a ridiculously stingy idea), maybe a little bit more. The union went into this pushing for all teams to get a 4 yr MLE every year, but I really doubt they got that.

Things will be difficult for us if a) they increase max contracts from 25% to 30% of cap as the union wanted as it means no chance in getting CP or DH (not that we have a great chance, cap-wise, as it is). The fact that the amnesty clause can be kept for a few years really reduces the amount of cheap talent which will be available this year- a lot of teams will hang onto players for an extra year or two (eg brandon roy, Brendan Haywood) especially if the cap and tax changes are phased in. If they keep the cap number the same for the next couple of years then that might help us out.

We'll find out soon!

in a related story, anyone here in need of legal help in NY should contact me. thanks!

go knicks!!