NBA owners, players reach tentative deal to end lockout

The Christmas wish for many NBA fans may be granted.

An agreement in principle between the NBA and its players was reached in the early morning hours on Saturday, with the league preparing to end the 149-day lockout and open a 66-game season on Christmas Day.

David Stern and Billy Hunter emerged from another marathon session of negotiations, which started Friday afternoon at a Manhattan law office and concluded around 3 a.m. on Saturday morning.

"It was in both our interests to try to reach a resolution and save the game," said Billy Hunter, the executive director of the NBA Players Association.

Hunter and NBA commissioner David Stern emerged with an agreement that they believe will be accepted by their respective constituents. Stern will hold a conference call with the league's Labor Relations Committee on Saturday.

Hunter's job is a little more complicated, as he first must reform the players' union -- which had been dissolved last week to start the antitrust process -- and then bring the agreement to the players for ratification.

"We're confident that once we present it," Hunter said, "[the players] will support it."

A deal could be officially completed in a matter of days. Stern said the league is aiming to open training camps on Dec. 9, with free agency beginning simultaneously.

It will be a wild three weeks before opening day. The Knicks were originally scheduled to play the Celtics at noon at the Garden on Christmas Day and it is possible the NBA will keep that game in place.

Players took to Twitter just after the news broke of an agreement to express relief and anticipation for a coming season.

"I mean is it real?" Knicks rookie Iman Shumpert said. "Let's hope!"

Hope had all been dashed after the players rejected the league's revised offer on Nov. 11, and then four days later filed antitrust lawsuits against the league and its owners. The move was intended to create some leverage for the players with the intention to reach a settlement.

If anything, it did get the NBA to continue negotiating off the rejected proposal rather than the ultimatum of a reset proposal, as Stern threatened on Nov. 11.

Representatives for both sides began backchannel negotiations on Tuesday and Wednesday, which set up Friday's talks.

The NBA was represented by Stern, deputy commissioner Adam Silver, Spurs owner Peter Holt, the chairman of the Labor Relations Committee, and it's general counsel, Rich Buchanan and Dan Rube.

On the players' side, executive director Billy Hunter and general counsel Ron Klempner led the way, with president Derek Fisher and vice president Mo Evans, plus economist Kevin Murphy.

These were the usual principals who have been involved all along, though there was one notable absentee, notoriously combative union lawyer Jeffrey Kessler. And former NBPA lawyer Jim Quinn, who was reportedly responsible for getting the sides back together, was also not present.

The sides worked off of the most recent -- and previously rejected -- proposal of a 50-50 split of league revenue and a soft salary cap system, according to reports. Stern told the players on Nov. 11 if the proposal was not accepted, the next offer from the owners would involve much harsher parameters.

The deal in place has the same parameters, though Silver said the owners conceded some of the system restrictions they wanted. Still, there are more restrictive rules against high-spending, luxury tax-paying teams, which the owners feel will improve the competitive balance throughout the league.

There are still some ancillary issues to negotiate into the deal, which include draft-eligible age and D-League rules, but the framework is done.

"We feel it will give fans in every community hope for their team," Silver said.

Right now, what matters most, is this agreement gives fans what they've been begging for: a season.