NBA owners have unanimously approved the new collective bargaining agreement they finalized with the players last week.

Teams met by teleconference on Wednesday to discuss and approve the proposed deal. 

Players were recently emailed information about the CBA from the union and were intending to have their ratification vote completed electronically by Friday.

The league and the union spent months working on a new deal, one that ensures labor peace for at least the next six seasons and ends any fear of a work stoppage next summer.