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NBA owners predict bleak labor future

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07:35 AM ET 08.05 | Alarmed by the bad economy and struggles of a number of the league's 30 teams, NBA owners continued to paint a bleak financial picture Tuesday in Manhattan when they opened labor negotiations with players on a new contract. Ten owners, including the Knicks' James Dolan, used the 3-1/2-hour meeting to potentially lay the groundwork for major changes in the current system that pays players 57% of basketball-related income. Walking out of a midtown hotel with Laker executive Jeanie Buss after the session, Dolan engaged only in small talk with reporters. Owners are under a gag order from commissioner David Stern, who also refused comment. The two camps called the meeting "productive and cordial."

New York Daily News

David Stern, Getty Images David Stern, Getty Images

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