Long NBA lockout talks on Tuesday and Wednesday have led to tangible progress on at least one major issue, as Yahoo!‘s Adrian Wojnarowski reports that owners and the players’ union have gotten closer on the revenue split.
NBA Lockout: Owners, Players Reportedly Closer On Revenue Split
As long expected, the two sides have moved closer to a “50-50 split, give or take a point with ranges based on revenue performance,” one source said.
The two sides had been stuck on 53-47 offers, with the league and union respectively desiring the bigger share. In the recently expired collective bargaining agreement, players took 57 percent of basketball-related income, some $2.1 billion last season. The 53 percent share the union had been offering in talks represented salary concessions of $140 million for next season, in addition to a virtual concession of escrow funds amounting to 8 percent that teams keep on hand to balance the split at the end of the seaosn.
Woj went on to quote anonymous executives who were hesitant to characterize the revenue split movement as a “breakthrough.” Owners will discuss revenue sharing on Thursday before talks reconvene in the afternoon.
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