The battle between billionaires and millionaires continues. The NBA announced the cancellation of the entire preseason after the owners and players failed to come to an agreement that would have ended the lockout that’s been in place since July.
According to reports, NBA players rejected a 50-50 split of the league’s $4 billion annual revenue.
The players rejected the owner’s offer because it would have led to a $280 million decrease from what the players received in 2010. With cancellation of the NBA’s preseason, over $200 million was lost. The players could lose up to $350 million per month if an agreement isn’t reached.
If both sides don’t agree by Oct. 10, the first two weeks of the season will be canceled. –a.r.
