NEW YORK (AP) – The NBA has set the 2014-15 salary cap at $63.1 million, an all-time high, paving the way for contracts to be signed.
Deals can become official starting at 12:01 EDT on Thursday. Players and teams could agree to contracts starting July 1, but they couldn’t be signed during the moratorium period.
The cap is a 7.5 percent increase from last season’s $58.7 million.
The league also says Wednesday that the tax level jumped 7.1 percent to $76.8 million. Teams exceeding that will have to pay a luxury tax.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Changes Coming To West 7th Street Bridge In Fort Worth?
- L.A. Rams Owner Purchases W.T. Waggoner Ranch
- Texas Police Officer Shoots, Kills Unarmed Nude Teen
- State Lawmakers Consider Softening Drug Penalties
- Man Pleads Guilty To Murdering Duncanville Teen
PHOTOS: Your Pet Pictures