NEW YORK • The National Basketball Association and its players' union have tentatively agreed to terms on a new, seven-year labour agreement, according to people familiar with the talks.
Owners and players have agreed to extend the deadline for either side to cancel the current contract to Jan 13, in order to give each side time to review the deal.
Some of the league's biggest stars, including Chris Paul, LeBron James, Stephen Curry and Carmelo Anthony, lead the union's executive committee.
Players' minimum salaries will rise by about 45 per cent in the 2017-18 season. The average salary will also grow to US$8.5 million, up from a little more than US$5 million.
The league, for its part, negotiated rules to help teams retain top talent.
Owners also retained core elements of the previous deal, like the salary cap and restricted free agency, which have contributed to the growing wealth of the NBA.