According to Ken Berger of CBSSports.com the new collective bargaining agreement was officially approved by the players:
The players voted via email from 6 p.m. ET Wednesday until 4 p.m. Thursday. The owners’ Board of Governors, with representatives from all 30 teams, was meeting in Manhattan Thursday to finalize details of their new revenue-sharing plan and also vote on the new deal.
Presuming approval by the owners, training camps will open as scheduled on Friday, with the free-agent and trading period officially to begin at 2 p.m. ET, sources said.
As part of a revamped revenue-sharing plan, big-market teams — particularly the Knicks and Lakers — are expected to kick in a substantial portion of what will be at least a tripling of the previous revenue-sharing pool. According to executives familiar with the details of the plan before it was finalized, the league was expected to incorporate some new sources of revenue that would be shared. Of paramount importance to small- and mid-market teams, market size was expected to be considered as much as or more than a team’s financial performance in a given year, sources said.