NBA, players reach financial agreement for 72-game 2020-21 season
The NBA and its players' union (NBPA) have reached an agreement in principle on a collective bargaining agreement (CBA) for the 2020-21 season, which will begins on Dec 22, both associations have said.
The NBPA last week approved the date for the opening of the new season that will have a reduced 72-game schedule. After a meeting on Monday, it and the NBA said in a joint statement the salary cap would be US$109 million (S$147m) and tax level would be US$133m.
Both figures are unchanged from last season, US media reported late on Monday.
"In subsequent seasons of the CBA, the salary cap and tax level will increase by a minimum of three per cent and a maximum of 10 per cent over the preceding season," the league and players' union added.
"A new system will be used to ensure the parties' agreed-upon split of basketball-related income.
SUBJECT TO AGREEMENT
"In the event player compensation were to exceed players' designated share in any season, necessary salary reductions beyond the standard 10 per cent escrow would be spread across that season and potentially the following two seasons, subject to a maximum salary reduction in any season of 20 per cent."
The agreement is subject to a vote by the league's Board of Governors.
The statement also added that free agent negotiations would begin on Nov 20, two days after the draft.
The 2019-20 season was completed last month after a four-month delay due to the Covid-19 pandemic, with teams competing in a bio-secure bubble at Walt Disney World in Orlando, Florida.
The Los Angeles Lakers captured a record-tying 17th NBA Championship on Oct 12, after overcoming the Miami Heat 4-2 in the best-of-seven title series. - REUTERS