NEW YORK (AP) — Two people with knowledge of the situation say locked-out NBA players will have their escrow money returned to them for the first time because salaries fell below 57 percent of league revenues last season.
The players will get about $160 million back when a final audit of league revenues is completed later this month. The people spoke to The Associated Press on condition of anonymity because the auditing process is ongoing.
Eight percent of player salaries have been withheld each season since the 1999 collective bargaining agreement to ensure that players don’t exceed their guarantee of 57 percent of league revenues. With revenues up during the 2010-11 season, salary costs will fall short of that mark for the first time.
The escrow return was first reported Tuesday by NBA.com.
