A very promising report: Financials of a new CBA ‘are done’
|07.15.11 at 2:01 pm ET|
There is reason to believe that the NFL lockout is nearing an end. On Friday, Liz Mullen of the Sports Business Journal tweeted that “a global settlement is a possibility” before the weekend.
This comes on the heels of an earlier report on Friday from NFL Network reporter Albert Breer who wrote that “the economics of a deal are done.” CBS Sports’ Mike Freeman later reported he has heard similar hopeful indications that a deal is close to being finalized. Freeman also reported the players had secured roughly $200,000 per player in insurance had the lockout impacted the season, and as much as $300,000 if the entire season was wiped out.
Breer added that there are “plenty of other hoops” for both players and owners to jump through, including retiree benefits, “player safety, worker’s compensation and injury guarantees, and also litigation entanglements.”
Many close to the story indicated that Thursday was considered the “11th hour” for negotiations and that a deal needed to be in place by Friday or Saturday in order to be drafted in time for owners’ approval at their meetings in Atlanta on July 19. The two sides are then expected in front of U.S. Magistrate Arthur Boylan two days later in Minneapolis, where both sides could tell the judge that an agreement has been reached and is ready for ratification.
Meanwhile, once finished, Adam Schefter of ESPN reports that a new CBA “will be 7 to 10 years.”