The decision followed meetings held in New York between the NBA owners and players, along with commissioner David Stern and players’ association executive Billy Hunter.
The parties have agreed to meet on a regular basis in order to reach a new, long-term agreement.
The existing deal was originally signed in 1999 following the damaging lock-out which cut the 1998-99 season short.
NBA owners and representatives of the NBA Players’ Association have confirmed the league will exercise its option to extend the current collective bargaining agreement (CBA) through the 2004-5 season.
