Let It Rip - NBA Basketball Lockout

Honolulu (HawaiiNewsNow) - The NBA has officially locked out it's players. Owners and the union failed to agree on a new collective bargaining agreement.

Owners want to reduce the players' guarantee of a 57% of the basketball revenue.  With an offer to cut their salaries by $500 million over 5 years. Experts say the NBA is a much more dire situation than the NFL's lockout.

In that case, negotiations took a hit after a 15 hour meeting last night. Talks are back on this morning.