New York (AFP) - The NBA and the National Basketball Players Association announced Thursday they have signed the new collective bargaining agreement that was ratified last month.
The seven-year agreement will begin on July 1 of this year and run through the 2023-24 campaign, ensuring several years of labor peace as a rich new television deal begins.
NBA players union members and league club owners voted to approve the contract last month, leaving only the completion of complex contract wording and an official signing to complete the deal.
A huge boost in television income thanks to record $24 billion rights deals allowed a contract that saw financial gains for players and owners.
The agreement was the first hammered out with Adam Silver as NBA commissioner and Michele Roberts leading the players' union.
Silver lauded the role of Charlotte Hornets owner and former NBA superstar player Michael Jordan in talks as part of the negotiating committee. Jordan led the Chicago Bulls to six NBA titles in the 1990s.