NBA Releases Statement On Lockout: 'We Need Sustainable Business Model'

NBA deputy commissioner Adam Silver has been cited in a statement published by the league, commenting on the impending lockout. The league confirms the news that the lockout will take effect at 12:01 pm ET, July 1. Silver, as expected, gives the NBA's side of the story while casting the players union as being the less-agreeable of the two sides.

Here's Silver:

The expiring collective bargaining agreement created a broken system that produced huge financial losses for our teams. We need a sustainable business model that allows all 30 teams to be able to compete for a championship, fairly compensates our players, and provides teams, if well-managed, with an opportunity to be profitable.

We have made several proposals to the union, including a deal targeting $2 billion annually as the players' share -- an average of approximately $5 million per player that could increase along with league revenue growth. Elements of our proposal would also better align players' pay with performance.

We will continue to make every effort to reach a new agreement that is fair and in the best interests of our teams, our players, our fans, and our game.

Stay tuned to this StoryStream for more NBA lockout news, updates and explanations.