June 30 , 2011NEW YORK -- 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."
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