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In addition to the league and the players trying to reach an agreement on a new CBA, there also is a rift of sorts between the large- and small-market owners on revenue sharing.

The players have maintained that a change in revenue sharing will alleviate the need to slash their salaries, but Stern has stated that any change in the revenue-sharing structure of the league should be a separate agreement and not part of the league’s contract with the players, and should come after a new CBA is ratified.

The players take issue with the owners’ desire to have a CBA that guarantees them a profit on their investment, a guarantee the players argue isn’t found in nearly any other business.

The owners maintain that despite the fact that the league’s metrics are up, encompassing television contracts, ratings and sponsorship money, about 22 of the league’s 30 teams lost money last season and without a new business model, the league cannot sustain itself.

“Obviously, the clock is now running with regard to whether or not there will or won’t be a loss of games,” deputy NBA commissioner Adam Silver told reporters after Thursday’s meeting. “I’m hoping that over the next month or so that there will be sort of a softening on their side and maybe we have to soften our position as well.”

“I’m not scared,” Stern said of the lockout. “I’m resigned to the potential damage it could cause to our league.”