Oct 19, 2011, 2:45 AM EDT
NBA owners and players sat across the table from each other for 16 hours on Tuesday, a meeting that bled past 2 a.m. Wednesday. The good news is that after a handful of hours off the two sides will be back at it at 10 a.m. on Wednesday. But reports are saying not a lot of serious progress was made.
Officially we don’t know much was accomplished. After the full day of talks, federal mediator George Cohen asked both sides to refrain from speaking to the media, and both sides abided by that. So there were no press conferences, no comments.
The fact that they are meeting again on Wednesday — a day that NBA Commissioner David Stern had said the two sides would not meet because of the owners Board of Governors’ meeting — is a good sign. It means there had to be enough progress for both sides to return to the negotiating table.
But don’t get too optimistic. Our man A. Sherrod Blakely of CSNNE.com tweeted a source in the room told him there was progress made but a long way to go. Other reports said the progress had been on the little things but not key issues.
There was what both sides had previously described as a “gulf” between them, which meant it was going to take more than a day to bridge that gap.
The league has already cancelled the first two weeks of the season and if these talks stall out more games will be lost.
One sticking point reportedly remains the luxury tax — the owners want a much more steep one that would prevent the kind of spending that the Lakers and Mavericks have done in recent years. The tax on the old system was $1 for every dollar spent over the tax line ($70 million last season). The owners’ proposed tax would start at $1.75 for every dollar over the line and increase by 50¢ every $5 million. For example, the Lakers luxury tax last season of $20 million would have jumped to about $53 million.
The players have resisted that steep a tax, calling it a hard cap by another name.
The other sticking point had been the division of basketball related income. In the old system the players got 57 percent but they had formally offered to come down to 53 percent (and rumors have been they would go another point lower, although big name stars have tried to shoot that down). The last formal offer from the owners was to give the players 47 percent, but reportedly they might go as high as 50 percent.
As each percentage point represents $40 million, even a three percentage point difference is $120 million a year and more than a $1 billion over the life of a proposed deal.
But at least the sides will continue to talk Wednesday, which should provide at least a little hope for hoops fans.
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