NBA labor talks now officially day to day

The longest labor bargaining session since NBA owners locked out players more than three months ago extended just beyond 16 hours as the calendar turned from Tuesday to Wednesday in New York.

Ownership representatives led by NBA Commissioner David Stern and players’ union Executive Director Billy Hunter emerged from behind closed doors just after 2 a.m. EDT. The sides will meet again at 10 a.m. EDT on Wednesday.

An NBA spokesman reported after the lengthy session that the parties agreed to refrain from public comment at the request of federal mediator George Cohen, who was involved in the NFL’s labor talks with players earlier this year.

Cohen met with both sides separately Monday.

Stern last week canceled the first two weeks of the season, all games scheduled from Nov. 1 through Nov. 14.

The commissioner had warned before Tuesday’s meeting that he was concerned “the season is really going to potentially escape from us” if no breakthrough occurred. Stern went so far as projecting that the season’s marquee Christmas Day schedule was subject to cancellation if Tuesday’s session was unproductive.

Cohen, who previously helped strike a labor deal in Major League Soccer, apparently wasn’t averse to reverting to the classic negotiating formula in other fields such as automakers versus union workers -- grueling, mind-bending sessions that brought the sides to their knees . . . and to peace.

Owners previoulsy balked at a union request to meet with Cohen through the week. The NBA Board of Governors are scheduled to meet Wednesday and Thursday in New York, but the labor negotiations figure to take precedence.

The sides entered Tuesday’s session divided over how to divide basketball-related income (BRI). The NBA contends that last season, during an economic downturn, 22 of 30 teams lost money under the old system, in which players received 57% of BRI. The league placed the total losses at $300 million.

The players have agreed to move from 57% of BRI (about $2.17 billion last season) to 53%, while the owners have sought to keep 50% to 53% while also seeking a hard salary cap or harsher luxury tax that players argue will reduce guaranteed money and result in shorter contracts.

Meanwhile, perhaps adding more incentive to strike a deal, a report in Memphis said that city was investigating legal options, including a potential lawsuit, because of the possibility games could be canceled at the city-owned FedEx Forum.

To pay off arena bonds, the city could move to collect $18 million the Memphis Grizzlies would collect at home games. A resolution to further pursue the matter passed the city council. The league declined to comment.

lance.pugmire@latimes.com