NBA to lock out players at 12:01 EDT Friday

The NBA says it is locking out its players until
a new collective bargaining agreement can be reached.
The lockout will commence at 12:01 EDT on Friday, after the
expiration of the current deal that owners say has cost them
millions of dollars a year.
Deputy Commissioner Adam Silver says in a statement that the CBA
ratified in 2005 has "created a broken system that produced huge
financial losses for our teams."