NBA to lock out players at 12:01 EDT Friday

[WestVirginiaRebel]

Breitbart:

NEW YORK (AP) - The NBA says it is locking out its players until a new collective bargaining agreement can be reached.

The lockout will commence at 12:01 EDT on Friday, after the expiration of the current deal that owners say has cost them millions of dollars a year.

Deputy Commissioner Adam Silver says in a statement that the CBA ratified in 2005 has "created a broken system that produced huge financial losses for our teams."

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

NEW YORK (AP)—Union chief Billy Hunter said Thursday "it's obvious the lockout will happen tonight" after players and owners failed to reach a new collective bargaining agreement, potentially putting the 2011-12 season in jeopardy.

Despite a three-hour meeting Thursday and a final proposal from the players—which NBA leaders said would have raised average player salaries to $7 million in the sixth year of the deal—the sides could not close the enormous gulf between their positions.

"The problem is that there's such a gap in terms of the numbers, where they are and where we are, and we just can't find any way to bridge that gap," Hunter said.

The CBA expires at midnight, after which all league business is officially on hold, starting with the free agency period that would have opened Friday.
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No playoffs???