2011 NBA Lockout Update: Owners, Union Continue To Negotiate Past David Stern's Deadline

The NBA owners and the players' union met on Wednesday afternoon in Manhattan and they continue to discuss a new labor agreement into the night, reports the Associated Press. Earlier in the week, NBA Commissioner David Stern issued a 5:00 p.m. ET ultimatum for the players to accept the latest proposal. For now, these continued negotiations provide some hope that the two sides are still able to discuss reaching a deal.

However, if these meetings break up without a deal the Stern is likely going to stick with his new planned proposal of a 47 percent stake for the players in basketball related income. The players, who received 57 percent of the BRI in the previous labor deal, would like 51 percent or higher, but the owners are looking for a more even deal before making a new one putative for the players. The BRI is the main issue hanging over the negotiations right now.

The NBA will likely need to start canceling more games if a deal is not reached in the next few days.

Stay tuned to SB Nation Denver  for more information. Visit SB Nation NBA for more news and notes around the league, and check the SB Nation StoryStream for the latest news on the NBA lockout.

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