The NBA on Wednesday expanded the 2024 draft into a two-night event in New York.

The draft will split into first and second rounds on successive nights -- June 26 and 27 -- with the first-round remaining at the Barclays Center in Brooklyn and the second round moving to ESPN's Seaport District Studios in lower Manhattan.

The NBA and National Basketball Players Association had to formalize an agreement to make the changes from the traditional one-night event, sources told ESPN.

The first round will continue to have 5 minutes between picks, and the second round will expand from 2 minutes to 4 minutes.

Among the reasons for the expansion of the event -- including the programming for television rights partners -- the NBA and teams are hopeful that the hours between the first and second rounds will give more time to make trades and plan strategies for the second night. Teams have been frustrated with the chaotic speed of the second round and believe there could be more order in the process with a day between the rounds.

"Based on feedback about the NBA draft format from basketball executives around the league and my own experience in draft rooms, we believe that teams will benefit from being able to regroup between rounds and having additional time to make decisions during the second round," NBA executive vice president Joe Dumars said in a statement. "Two nights of primetime coverage will also enhance the viewing experience for our fans and further showcase the draftees."