Report: Silver tells teams 'we're running out of time' for December start

NBA commissioner Adam Silver told teams Monday that the league is "running out of time" to get an agreement in place with the NBPA to allow the 2020-21 season to begin in late December, sources told ESPN's Adrian Wojnarowski.

Last week, the league announced the two sides agreed to extend the opt-out notification deadline on the current collective bargaining agreement to this Friday.

Talks between the NBA and union are ongoing regarding the league's preference to begin the new season next month, which would recoup the financial windfall that comes with televising Christmas Day games.

Several star players would reportedly prefer to start the season in January, giving them a longer offseason after finishing the 2019-20 campaign in the Walt Disney World Resort bubble just last month. The league, however, reportedly fears financial losses between $500 million and $1 billion if the season starts in the new year.

A late December start would result in an expedited free agency process, which likely wouldn't begin until after the Nov. 18 draft.