At 12:01 am on Friday July, 1, owners of the National Basketball Association implemented a lockout on the players.
The main issue at hand separating the two parties? Ownership stating that the economic system is broken and they want to install a new revenue-sharing system (like the National Football League) that would have profitable teams subsidizing those that are less profitable. Players say that the current system is fine, but the owners have been reckless with it by signing players for millions of dollars over their market value.
Stern stated that the last offer ownership made to players during a three-hour negotiation leading up to the midnight deadline of the collective bargaining agreement would’ve increased the average league salary from $5 million to $7 million.
Players and owners are looking to divide a $4.2 billion pie.
It’s also been reported that the NBA issued an edict stating that during the lockout, NBA officials were not allowed to talk to players or communicate with agents, relatives, personal staff and trainers and players’ sneaker representatives. According to reports, the NBA has threatened termination of officials’ jobs if they were to talk to the aforementioned parties.
The last time NBA owners locked out the players was 1998, which resulted in a work stoppage that lasted 204 days. Players eventually reached a deal with ownership and played a shortened 50-game season.