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After five months, the National Basketball Association lockout is coming to an end.

According to reports, NBA owners and players reached a tentative agreement on Saturday to end the 149-day lockout and look to begin a 66-game season on Christmas Day.

From ESPN:

"We want to play basketball," NBA commissioner David Stern said.

After a secret meeting earlier this week, the sides met for more than 15 hours Friday, working to try to save the season. This handshake deal, however, still must be ratified by both owners and players.

Stern said it was "subject to a variety of approvals and very complex machinations, but we're optimistic that will all come to pass and that the NBA season will begin Dec. 25."

The league is looking to open training camp on December 9th and begin the season with a tripleheader featuring the Boston Celtics at New York Knicks, Miami Heat at Dallas Mavericks and Chicago Bulls vs. the LA Lakers.

After announcing a series of concerts to open up the Nets new arena in Brooklyn next year, Jay-Z is still at work as an NBA executive.

According to reports, the rapper/business mogul will help design the soon to be Brooklyn Nets' new basketball uniforms.

"Jay Z, Adidas and the Nets are currently ironing out a logo for the Brooklyn Nets and deciding what colors their uniforms should be," officials said.

"No matter what, the logo will feature Brooklyn prominently because the club wants to tap into the borough's world-popular brand name."

Officials also stated that they flirted with the idea of renaming the team the Brooklyn Dodgers, after the baseball franchise that once called Brooklyn home. Luckily they decided that was a bad idea.

The Brooklyn Nets will begin their 2012-13 season in the Barclays Center arena.

Former NBA star Dennis Rodman, who was known for being flamboyant both on and off of the basketball court, gave an emotional speech during his induction to the basketball Hall Of Fame last night.

Rodman is best remembered for his days as a Detroit Piston in the late 1980's and as a teammate of Michael Jordan's Chicago Bulls in the mid '90's.

During his Hall Of Fame speech, a teary eyed Rodman became overwhelmed with emotions as he thanked Jordan and teammate Scottie Pippen, and talked about his struggles as a father, husband and son.

“I didn't play the game for the money. I didn't play the game to be famous. What you see here is an illusion, that I love to be an individual that is very colorful….

“I could have been anywhere in the world. I could have been dead. I could have been a drug dealer. I could have been homeless, I was homeless.

A lot of you guys here, a lot of you guys in the Hall of Fame know what I'm talking about, living in the projects.

You just want to get out of the projects. And I did that, but it took a lot of hard work and a lot of bumps along the road…

“People ask if I have any regrets as a basketball player, I have one regret: I wish I was a better father."

Watch Rodman's Hall Of Fame induction speech below.

Former basketball star Steve Francis is being accused of sexual assaulting a woman in Texas last year.

According to reports by TMZ:

Francis allegedly "groped" a 20-year-old woman through her clothing in May 2010 ... and the woman immediately went to the cops to file a complaint.

The alleged victim tells TMZ ... she is a singer who was signed to Steve's record label and on the day of the alleged incident, she had met Steve at an office to discuss her contract.

The woman, Shauna Simien, tells us the "groping" while the two were talking outside, when Francis reached down and grabbed her between the legs.

Simien claims she screamed for him to stop -- and that's when a few of her friends, whom she brought along for protection, rushed over to break things up.

Despite the fact Simien filed her police report more than a YEAR ago, law enforcement sources tell TMZ the case is still open and no charges have been filed.

Simien says she is frustrated the case has not progressed and is considering a lawsuit against the District Attorney's office.

Francis played 10 seasons in the NBA, playing for the Houston Rockets, Orlando Magic, and New York Knicks.

He last played NBA basketball for the Houston Rockets in 2008.

In November 2010, Francis signed to play basketball with the Beijing Ducks in China, but left the team in December to return to the United States.

Say it ain't so, Stevie Franchise. Say it ain't so...

Retired NBA star Shaquille O'Neal is reportedly taking his talents to TNT sports.

Reports state that the recently retired O'Neal will join Ernie Johnson, Kenny “The Jet” Smith and Charles Barkley as the newest member of TNT's show Inside The NBA.

CNBC's Darren Rovell breakthrough the news through Twitter on Sunday, but the reports has not been confirmed by TNT or O'Neal.

Although, no one should expect to see O'Neal's broadcasting debut anytime soon.

Much like the National Football League, in late June, the NBA began a lockout of it's players, and many insiders believe the 2011-2012 NBA season could be in jeopardy.

At 9:01 p.m., the NFL won't be the only professional sports league to lockout its players.

According to reports, the National Basketball Association will begin a lockout of its own, which many believe will be a long process that could affect the upcoming 2011-2012 NBA season.

Reports by the the L.A. Times state:

NBA Commissioner David Stern and National Basketball Players Assn. head Billy Hunter held a three-hour meeting Thursday in a last-ditch effort to avoid a lockout, but the session halted with the sides failing to reach a deal on a new collective-bargaining agreement for the 2011-12 season.

The union said the NBA plans to lock out its players, Hunter said. All league business, including free agency, is on hold.

Union executive committee member and San Antonio Spur Matt Bonner told the Associated Press: "We tried to avoid the lockout; unfortunately we couldn't reach a deal."

As a result, free agent signings, summer league play and all league business will be on hold as of 9:01 p.m. PDT, when the current labor agreement expires.

If the NBA joins the NFL in locking out its players, 2011 will officially go down as the worst year ever in sports history.

Word to LeBron James.

On Wednesday, the 39-year-old O'Neal shocked the sports world when he used Twitter and an online video to announce he would be walking away from the game after 19 seasons.

O'Neal boasts a career resume of 15 All-Star selections, four championships and three NBA finals MVP awards.

Shaq's formal goodbye is posted below.

Lebron James has responded to claims by former Chicago Bull Scottie Pippen that he's a better player than basketball legend Michael Jordan.

As previously reported, Pippen made the comment last week during ESPN television/radio show Mike & Mike In The Morning.

"Michael Jordan is probably the greatest scorer to ever play the game. I may go so far as saying LeBron James may be the greatest player to ever play the game."

According to James however, while flattering---the statement's simply not true.

He tells Miami's The Sun Sentinel,

"Michael's an unbelievable player. I've got a long way—long way—to be mentioned as far as one of the all-time greats. Not even just Jordan. There's a lot of great players who have played in this league. Larry Bird, Kareem Abdul-Jabbar, all these guys who are floating around with multiple rings, Bill Russell, all these guys who have pioneered this game."

 

He adds,

"I'm gracious. Humbled by Scottie's comments, especially with him being a teammate of his and seeing Michael on a day-to-day basis. But as far as me, I'm not going to sit here and say I'm better than Jordan. I'm not better than Jordan."

 

Pippen has yet to respond.