UPDATE 1-NBA-Players and owners reach tentative agreement on new CBA

(Adds details and background)

By Frank Pingue

Dec 14 ( Reuters) - The National Basketball Association ( NBA) and union representing its players reached a tentative deal on a new collective bargaining agreement, the two sides said on Wednesday.

The deal was struck just hours before a deadline for both the league and the National Basketball Players Association to opt out of the current CBA.

The NBA said in a statement that both sides have agreed to extend the mutual deadline to opt out to Jan. 13 in order to give owners and players enough time to review the agreement and vote to ratify.

Specific terms will be made available at a later both parties said in a statement.

Had either side opted out of the current 10-year agreement and failed to reach a new deal by July 1 the league would have faced its first work stoppage since a five-month lockout cut short the 2011-12 season.

The league and union had made significant progress on the main points of contention and the only remaining work over the last few weeks dealt mostly with the finishing touches. (Reporting by Frank Pingue in Toronto; Editing by Steve Keating)