NEW YORK, Dec. 8 – The National Basketball Association and the National Basketball Players Association today announced that the league will exercise its option to extend the Collective Bargaining Agreement through the 2004-05 season. The announcement followed a meeting held today in New York City between NBA owners and players, together with NBA Commissioner David Stern and Players Association Executive Director Billy Hunter.

The parties have agreed to meet on a regular basis in order to reach a new, long-term agreement.