NBA to lock out players at 12:01 a.m. Friday

With the current collective bargaining agreement set to expire

at midnight, the NBA said in a statement Thursday that it would

begin the lockout at 12:01 a.m. Friday. Here is the full text of

that statement:

”The National Basketball Association announced that it will

commence a lockout of its players, effective at 12:01 am ET on July

1, until a new collective bargaining agreement is reached with the

National Basketball Players Association.

‘The expiring collective bargaining agreement created a broken

system that produced huge financial losses for our teams,’ said NBA

Deputy Commissioner Adam Silver. ‘We need a sustainable business

model that allows all 30 teams to be able to compete for a

championship, fairly compensates our players, and provides teams,

if well-managed, with an opportunity to be profitable.’

‘We have made several proposals to the union, including a deal

targeting $2 billion annually as the players’ share – an average of

approximately $5 million per player that could increase along with

league revenue growth,’ said Silver. ‘Elements of our proposal

would also better align players’ pay with performance.’

‘We will continue to make every effort to reach a new agreement

that is fair and in the best interests of our teams, our players,

our fans, and our game.’

During the lockout, players will not receive their salaries;

teams will not negotiate, sign or trade player contracts; players

will not be able to use team facilities for any purpose; and teams

will not conduct or facilitate any summer camps, exhibitions,

practices, workouts, coaching sessions, or team meetings.”