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BREAKING NEWS: NBA to Lock Out Players at 12:01 EDT Friday
NEW YORK (AP) -- 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."

(Copyright 2011 by The Associated Press. All Rights Reserved.)
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