NEW YORK (AP) The NBA exercised its option Monday to extend the collective bargaining agreement with players through the 2004-05 season.

The announcement was made following a meeting between NBA owners and players, along with commissioner David Stern and union director Billy Hunter.

The original deal, struck in January 1999, came after a lengthy lockout that cut the 1998-99 season short. Both sides agreed Monday to meet on a regular basis in order to reach a new, long-term agreement.

If the extension option wasn't exercised, the agreement would have expired after this season _ the sixth since the deal was reached.