In the most shocking turn of events since the Michael Jackson verdict, NBA owners and the Player's Union agreed to terms on a new six-year collective bargaining agreement today:
SAN ANTONIO (AP) -- A one-year increase in the minimum age to be eligible to play in the NBA was part of a new six-year collective bargaining tentatively agreed to Tuesday by owners and players, averting the possibility of a lockout.
Commissioner David Stern and union director Billy Hunter flew to the NBA Finals from New York and announced the agreement prior to Game 6 between San Antonio and Detroit. The deal came on the fourth consecutive day of talks between the sides to replace the seven-year pact that expires June 30.
``We're gratified that we were able to avoid a work stoppage,'' Stern said. ``This agreement creates a strong partnership with our players, which is essential for us.''
The sides reached agreement on several key issues that had held up a settlement since serious talks began in late February. Among them were a one-year increase in the minimum age for draft eligibility, a reduction in the maximum length of long-term contracts from seven years to six, and reductions in the size of annual salary increases in those long-term contracts from a maximum of 12 1/2 percent to 10 1/2 percent.
Read the rest here.