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David Stern on Lebron and lockout. Owners want a 30% rollback on current players contracts - Page 3
Just 29 hours before the 1998-99 NBA season could have been doomed, a deal was struck to end the 191-day lockout and save the remainder of the season.
Players Association Executive Director Billy Hunter and NBA Commissioner David Stern endured an all-night bargaining session to hammer out a deal that puts a ceiling on salaries while increasing the minimum wage.
"We're glad this is over," Hunter said. "Our players are anxious to get back and play.
"They are anxious now to be able to join hands with (NBA Commissioner) David (Stern) and Russ and the owners of the 29 teams and create a strong and communal relationship that we think will take the NBA to another level."
"I'm glad this is all over with," said Players Association President Patrick Ewing of the New York Knicks. "It's time to put the egg back in the shell and move on and try to build the NBA. There are parts of the deal I'm not happy with, but everybody wanted to go back to work, so we're going back to work."
The players union approved the deal by a vote of 179-5. The board of governors approved the deal 29-0.
The six-year deal, which has a seventh-year option, is unprecedented in that it limits individual salaries and raises. No other sport has a maximum salary cap.
According to the New York Times, players with zero to five years experience can earn a maximum of $9 million; six to nine years of experience, $11 million; and 10 or more years of experience, $14 million.
OK here is a timeline or what took place in last time