No Deal, But No "Reset" Either; Players, NBA To Resume Negotiations In New York Thursday

NEW YORK, NY - JUNE 30: Billy Hunter, Executive Director of the NBPA speaks about the NBA labor negotiations as the deadline looms at Omni Hotel on June 30, 2011 in New York City. According to reports, the NBA has locked out the players after they were unable to reach a new collective bargaining agreement (CBA). The current CBA is due to expire tonight at midnight. (Photo by Neilson Barnard/Getty Images)

The NBA and the Players Association met for 12 hours on Wednesday. The bad news is that they still haven't reached a deal. The good news is that the NBA is freezing it's timeline in regard to a "reset" proposal until they get through this session, which will continue Thursday at noon.

System issues were the focus, and Adrian Wojnarowski tweets that progress was made on three of the five key ones, adding "this remains a tenuous process but the owners wouldn't have, as Stern termed it,, 'stopped the clock,' without real progress. Onto Thursday".. But Billy Hunter said afterward that the two sides still don't have an agreement on the economics.

"We're not failing," David Stern said, "and we're not succeeding." Meanwhile, Forbes reports that the Nets would be among five teams that would lose less money by not playing any games this season.

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