Jun 30, 2011 9:49 PM by Lee Douglas
NEW YORK (AP) - The NBA says it is locking out its players until a new collective bargaining agreement can be reached.
The lockout will commence at 12:01 EDT on Friday, after the expiration of the current deal that owners say has cost them millions of dollars a year.
Deputy Commissioner Adam Silver says in a statement that the CBA ratified in 2005 has "created a broken system that produced huge financial losses for our teams."
(Copyright 2011 by The Associated Press. All Rights Reserved.)