So I’ve got some good news and some bad news…
Here’s the bad news: it was announced yesterday that negotiations between the NBA owners and players union fell through yesterday and as a result the NBA announced that the entire preseason has been canceled. According to NBA Commissioner David Stern if a deal between the two sides isn’t reached by Monday the first two weeks of the regular season will also be canceled.
So here’s the good news: In a few more weeks the entire season will be canceled meaning that teams like the Atlanta and Orlando that have taken on ridiculous contracts i.e.; Joe Johnson and Gilbert Arenas wouldn’t be on the hook to pay these guys anything. The teams that are currently suffering financially will also have an opportunity to restructure their business model or regroup for the 2012-2013 season.
The league’s amount of guaranteed money is at the center of the negotiations, players offered to reduce their guaranteed salaries from 57 to 53 percent, giving owners back around $1 billion over the next six years.
The owners’ are looking for a 10% reduction in salaries they’re proposed reduction cuts player’s pay from 57 to 47 percent. Ouch!!!
With no further meetings scheduled it looks as if the Monday’s deadline will come and go with no resolve.
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