The NBA has agreed upon a five-year deal with Tencent Holdings of China to televise games and other programming.

The deal will be worth between $500 million and $700 million.

The NBA has passed a new rule mandating that teams have 25 or fewer individual owners and that every owner must hold at least one percent of the team, according to sources.

The league had been considering making this change for several years.

Jay-Z, for example, owned a miniscule 0.15 percent of the Brooklyn Nets before selling to Jason Kidd and another investor in 2013.

The new ownership group of the Milwaukee Bucks has divided the franchise among 37 individuals.

Both Marc Lasry and Wes Edens sold small chunks of the team to friends, family members, and prominent members of the Milwaukee community

Wisconsin governor Scott Walker on Tuesday said new growth in income tax revenue from Milwaukee Bucks' players and visiting teams will generate enough money to cover debt payments on $220 million in state-issued bonds for a new Milwaukee arena.

Walker said the plan, simply put, is a "Pay Their Way" proposal.

Recent estimates indicate that the amount of income tax revenue from NBA athletes in 2015 would total $15 million. 

Walker said starting in 2017, the state would lose more than $10 million in revenue annually if the Bucks leave. 

A new arena is expected to cost $400 million to $500 million. Bucks' owners Wes Edens, Marc Lasry and Jamie Dinan have pledged at least $150 million toward the new arena.

Adam Silver has told Seattle mayor Ed Murray not to expect an NBA team to move to the city within the next few years.

An agreement for the funding of a Sodo arena between Seattle, King County and Chris Hansen expires in November of 2017.

A memorandum of understanding (MOU) between them states an NBA team must be acquired for Hansen to receive up to $200 million in city and county bond funding for the proposed venue.

“Their official line, and I think they’re being straightforward with me, is a city grabbing a team or a new (expansion) franchise at this point is not, in their mind, something they see happening,’’ Murray said Thursday of his Monday meeting with Silver and other league officials at NBA headquarters in New York City. “They actually expressed to me that they felt expectations in Seattle had been raised that weren’t consistent with what they had been sharing about a path to get there within the next few years.’’

Murray had believed the Milwaukee Bucks might be a relocation candidate if the franchise can’t get a new arena deal worked out this year.

Silver was clear in that he expects the Bucks to remain in Milwaukee.

There is a season that many league executives would prefer to move the trade deadline up in the NBA's calendar in order to give teams more time to integrate new players.

A later trade deadline gives teams ample opportunity to determine whether they are buyers or sellers.

The deadline also follows All-Star Weekend, which gives many executives the opportunity to conduct business in person.

Some executives have already pitched the idea of an earlier deadline in informal discussions with league officials.

The average NBA franchise valuation is now a record $1.1 billion.

There are now 11 NBA teams worth at least $1 billion, compared to three a year ago.

The Los Angeles Lakers lead the way at $2.6 billion, up 93% over last year. 

The value of the New York Knicks shot up 79% to $2.5 billion, ranking the team second overall.

Rounding out the top five are the Chicago Bulls ($2 billion), Boston Celtics ($1.7 billion) and Los Angeles Clippers ($1.6 billion).

6. Brooklyn Nets: $1.5 billion
7. Golden State Warriors: $1.3 billion
8. Houston Rockets: $1.25 billion
9. Miami Heat: $1.175 billion
10. Dallas Mavericks: $1.15 billion
11. San Antonio Spurs: $1 billion
12. Portland Trail Blazers: $940 million
13. Oklahoma City Thunder: $930 million
14. Toronto Raptors: $920 million
15. Cleveland Cavaliers: $915 million
16. Phoenix Suns: $910 million
17. Washington Wizards: $900 million
18. Orlando Magic: $875 million
19. Denver Nuggets: $855 million
20. Utah Jazz: $850 million
21. Indiana Pacers: $830 million
22. Atlanta Hawks: $825 million
23. Detroit Pistons: $810 million
24. Sacramento Kings: $800 million
25. Memphis Grizzlies: $750 million
26. Charlotte Hornets: $725 million
27. Philadelphia 76ers: $700 million
28. New Orleans Pelicans: $650 million
29. Minnesota Timberwolves: $625 million
30. Milwaukee Bucks: $600 million

Reggie Jackson and the Oklahoma City Thunder were unable to agree upon an extension before the Oct. 31 deadline, meaning he'll be a restricted free agent this offseason.

Jackson was looking for a contract close to Eric Bledsoe's five-year, $70 million deal with the Phoenix Suns, while the Thunder were offering something closer to Kemba Walker's four-year, $48 million deal.

"My ultimate goal is always to win a championship ... (but) whatever is the next move is the next move," Jackson told USA TODAY Sports. "I'm just going to be here and be the best player I can be, day in and day out. When I go on the court I hope it shows. I want to compete at the highest level, always trying to get better. But if you have to move, it is what it is.

"It's funny. I don't think the league likes to hear when players say that we understand it's a business, but for (general managers) and owners they get to throw that card around. Like I said, I always understand that it's a possibility, but I just enjoy playing the game."

Jackson would like to start and also to do so for a winning team.

The NBA will eventually have sponsor names on team jerseys as is standard practice for international sports teams.

"Exactly when it's going to come, I'm not sure, but I do think it's inevitable in our sport," Adam Silver said in London. 

Last May, Silver said it would likely come to the NBA in five years.

The Brooklyn Nets are up for sale by Mikhail Prokhorov.

Prokhorov has hired Evercore to help with the sale of the team.

Prokhorov, 49, the first foreign owner of an NBA team, holds 80 percent of the club and 45 percent of the Barclays Center.

Valuations expert Peter Schwartz said the Nets are worth about $1.3 billion.

“The fever of a trophy asset goes beyond financial analysis -- as we saw in Los Angeles,” Schwartz said.

Kevin Garnett could become a minority owner and consultant with the Minnesota Timberwolves once he retires, according to a source.

Garnett has previously told Yahoo! Sports that he has interest in purchasing the Wolves following the end of his playing career.

Garnett has made over $300 million in salary during his playing career.