(Reuters) ? NBA owners and players met on Friday to try to reach an agreement that would salvage the league's Christmas Day marquee schedule.
The two sides met on Monday and reconvened on Friday afternoon in New York for a settlement conference that continued into the night.
The negotiations are the first since the players rejected the owners' last proposal on November 14, which included a 72-game schedule beginning on December 15.
Since then, the players union has been disbanded and the players filed an anti-trust lawsuit against the league in Minnesota. The league filed a suit in New York seeking to prove the lockout is legal.
Local media has reported that if the two sides reached an agreement over the weekend the NBA would open a 66-game schedule on Christmas Day, featuring an NBA Finals rematch between the defending champion Dallas Mavericks and Miami Heat.
However, if they are unable to come to a resolution the entire season is likely to be wiped out.
Any agreement would require 50 percent approval from the owners and players. Complicating the matter is that the players would have to drop their lawsuit, reform the union, and then vote to accept the deal.
Participating in the latest talks on behalf of the owners are Commissioner David Stern, deputy commissioner Adam Silver, San Antonio Spurs owner Peter Holt.
The players are represented by the leaders of the disbanded union including Billy Hunter, Derek Fisher and Mo Evans.
(Reporting by Mike Mouat in Windsor, Ontario; Editing by Peter Rutherford)
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