WASHINGTON - NBA owners and players reached a tentative agreement early Saturday morning after a 149-day lockout.

The two sides met for more than 15 hours Friday, working to try to save the season.

"We've reached a tentative understanding that is 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 December 25," said NBA Commissioner David Stern.

"We thought it was in both of our best interests to try to reach a resolution and save the game," union executive director Billy Hunter said.

This deal still must be ratified by both owners and players, with a majority on both sides needed.

But the ratification process for the players is more complicated after the players dissolved the union on November 14. Now, they must drop their antitrust lawsuit and reform the union before voting on the deal.

On November 14, players rejected the owners' proposal and announced they were disbanding the union, giving them a chance to win several billion dollars in triple damages in an antitrust lawsuit.

The league locked out players on July 1 after the previous collective bargaining agreement expired at the end of June 30.

Owners claimed $300 million in losses last season and thus requested changes in how they divided some $4 billion in revenue and stricter controls on salary spending.

The wrangles over the financial issues eventually saw games scheduled from November 1to December 15 cancelled.