The NBA’s new collective bargaining agreement has been ratified by the players and owners, according a release from the league office.
The NBA Board of Governors unanimously approved the deal earlier this week and the National Basketball Players Associated voted its approval on Friday.
The new agreement will take effect on July 1, 2017 and run through the 2023-24 season.
The terms of the pact were agreed upon earlier this month and both sides had until Jan. 13 to ratify the terms.
The parties voted based on a term sheet that outline the key deal points. Once the NBA and NBPA finish drafting and execute the complete agreement, specific details will be released.