After a three-hour meeting in New York City, NBA owners informed the NBA Player's Association that they would be locked out at 12:01 eastern standard time. None of the parties involved seemed especially surprised by this news and both sides remained cordial after the meeting was over, at least in front of the media.
Here is what San Antonio Spurs' Matt Bonner had to say about the lockout:
"We tried to avoid the lockout," Spurs forward and union VP Matt Bonner said. "Unfortunately we did not reach a deal. We’re going to keep working at it and hopefully get something done."
Owners are seeking a large overhaul from the current financial system. Depending on what report you read, anywhere from 17 to 22 teams lost money last season. Under the current deal, players pull in 57% of the basketball related income (BRI). Several different analysts say the end game for the owners is to get the number down to 50%.
The last time this happened in 1998, a deal wasn't struck until January of 1999. Not sure how these negotiations will unfold, but I'm sure owners, players and fans alike are hoping a deal gets done before that.
Also, the Spurs are 1-0 in lockout shortened seasons, so us Spurs fans have got that going for us.