NBA, Players Union Tentatively Agree To 7-year Labor Deal

By Mike MurphyMarketsMarketWatch Pulse

The National Basketball Association and its players union tentatively agreed to a new collective bargaining agreement Wednesday night, which, if ratified, could deliver labor peace through the 2023-'24 season. The deal, announced by both parties, lifts the threat of a lockout next year. League owners and players will likely vote to approve the deal before year's end. Under terms of the CBA, the average NBA salary will rise to around $8.5 million a year, according to a report by Yahoo. Under terms of the deal, the status quo will largely be maintained, reports say, with the league salary cap and luxury tax largely unchanged.

Copyright © 2016 MarketWatch, Inc.

Continue Reading Below