NBA Offer Gives Players Till Wednesday

(NewsCore) - NBA commissioner David Stern announced early Sunday morning that the players' association has until Wednesday to accept a newfangled hybrid offer on six key issues in the collective bargaining agreement, or the league will pull it off the table.

Following an eight-and-a-half-hour mediation in Manhattan, Stern said that the union initially rejected the new proposal, which was formulated by federal mediator George Cohen.

Stern said the NBA's proposal was based on a series of recommendations by Cohen and that the key element to the new proposal was a revenue split that gives the players a 49-51 split of the revenue pending the success of league profits. The other key element the union was opposed to, according to Stern, is taking away the ability for luxury tax payers to execute sign-and-trades and free agency.

Stern said if the union does not reconsider by Wednesday, the owners will submit an entirely different proposal that he branded as much worse. Stern said the post-Wednesday offer would give the players only 47 percent of the revenue split and what Stern called a flex cap, which is equivalent to a hard cap.

"They said the terms were unacceptable," Stern said. "Billy [Hunter, union head] and I agreed it was a sad state of events the two sides could not bridge the gap."

Asked if he was optimistic that the union will have a change of heart by the midweek deadline, Stern said, "I am tired. We made a proposal because we hope it will be accepted by Wednesday."

Bobcats owner Michael Jordan made his first appearance at talks Saturday after being cited as the ringleader of a group of 12 hard-line, small-market owners unwilling to bend any more.

Jordan had not been to any of the previous meetings, but his presence facilitated the marathon session.

Jordan was fined $100,000 for mouthing off about the lockout in September, sticking up for small-market teams. In addition to Jordan and the ownership committee, which includes Knicks owner James Dolan, Blazers owner Paul Allen, another hard-liner, also attended.

Read more: New York Post