Nov. 10 (UPI) -- NBA owners unanimously approved an amended agreement to the collective bargaining agreement, clearing the way for the league's 72-game season beginning next month.
The league's deal, which was negotiated with the National Basketball Players Association, sets the stage for an NBA season that will begin Dec. 22 and consist of a reduced schedule of 72 games.
The NBA and the players' union reached the agreement Monday night, right before Tuesday's vote among league owners. The deal -- officially announced by the NBA on Tuesday night -- calls for free agency negotiations to begin at 6 p.m. EST on Nov. 20, two days after this year's NBA Draft.
Under the amended CBA, the salary cap is going to be set at $109.1 million and the luxury tax will be about $132.6 million, equaling the numbers from the 2019-20 season before the NBA's finances took a hit due to the COVID-19 pandemic. In future seasons, the salary cap and luxury tax will increase by a minimum of 3%.
Following the NBA Draft and the free agency period, training camp will begin Dec. 1.