The Associated Press is reporting NBA owners and players have reached a tentative agreement early this morning to end the 149-day lockout by Christmas Day.
According to the AP report, the two sides held a secret meeting earlier this week before meeting again Friday for more than 15 hours. The tentative agreement would end the lockout and would allow players to take the court as early as Christmas Day.
Few details of the agreement have yet to be released.
The Associated Press says the “handshake deal” must be ratified by owners and players, with votes from 15 of 19 owners. The union would need a simple majority of its players.
During the lockout, players voted to disband the union, which means a new collective bargaining agreement can only be completed once the union is reformed, according to the AP.
The first news of the settlement was reported by CBSSports.com.