Commissioner David Stern says that a newly formed labor committee will begin negotiations with the NBA Players Association on a new collective bargaining agreement in August.

The agreement officially expires in December 2010.

Stern admitted that less than half of the league's teams made a profit last season.

"The losses that are being shown by the league and the decrease in business, although our decreases are less than many other businesses, are going to be delivered in some detail to the players with an understanding that whatever further details they need they'll have," Stern said Tuesday.

With league revenues down and the salary cap decreasing, talks could be tense.

"We believe that our players as a group are very interested in the future of the league and in their futures," Stern added.

"We all have a collective interest in making sure it continues to thrive, and so we would very much like to begin these negotiations on a positive note of complete disclosure of financials and the readiness to provide more. That will lead us together in looking for a good agreement going forward."

Via ESPN

General Basketball

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