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NBA Lockout Update: Deadline Passed, But Owners and Players Still In Meetings

NBA commissioner David Stern's 5 p.m. deadline has passed, but NBA players and owners are still meeting in small groups in an attempt to get closer to ending the NBA lockout, according to a report from the Associated Press.

On Monday, Stern had offered the players a deal that would give them between 49 and 51 percent of basketball-related income (BRI) and told them that if the NBA Players Association did not accept by 5 p.m. Wednesday, the next proposal would leave them with only 47 percent of the BRI. Union officials have said that the deal Stern proposed would not allow them to have any more than 50.2 percent of BRI and on Tuesday, union president Derek Fisher publicly stated that he would not accept the deal.

As a result, meetings were scheduled Wednesday morning for the players and owners to negotiate in small groups. The meetings began at about 1 p.m. and have continued since.