NBA labor talks resume after post-midnight session
The session follows a grueling 16-plus-hour session that concluded just after 2 a.m. Wednesday. The mediator, George Cohen, instituted a gag order that kept the sides from assessing any progress.
The length of today's meeting is uncertain given the need of some owners to attend the NBA's Board of Governors gathering today, also in New York.
An NBA spokesman said Wednesday that the owners' planning committee meeting has been moved to "early this evening," as a result of the labor talks.
The Board of Governors are expected to discuss -- and possibly approve -- a revised revenue-sharing program that would help clarify how teams can improve upon a financial system that the league claims created $300 million in losses last season, with 22 of 30 teams losing money.
The planning committee is charged with tackling revenue sharing.
As the owners and players started negotiating Tuesday, they each wanted a 53% split of basketball-related income (BRI) after the players earned 57% last season -- about $2.17 billion. The sides were also divided on the owners' idea of establishing a hard salary cap or extremely prohibitive luxury tax that the players argue would reduce guaranteed money and contract length.
Photo: Federal mediator George Cohen. Credit: Brendan McDermid / Reuters