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POLL: NBA Shutdown
Do you think NBA players should accept the 50-50 revenue split?
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Yes
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No
(Results not scientific)
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NEW YORK (CNN) -- The first two weeks of the NBA's regular season have been canceled as basketball players and management have yet to reach a deal on a new labor agreement, Commissioner David Stern announced Monday, according to NBA.com.
The two sides remain far apart, Stern said from the NBA meetings. He added that no further talks are scheduled.
The league's owners began a lockout of its players in early July.
Stern has said that last season was not profitable for most of the league's 30 owners, who want cost-cutting help from players.
The league lost as much as $300 million in the 2010-11 season, according to the commissioner.
Less than a week ago, the NBA canceled its preseason, which meant the loss of about $200 million in revenue, Stern said.
One of the battles has focused on the owners' rejection of the players union's call for an average $7 million player salary in the sixth year of a new labor deal.
The current average salary is about $5 million.
Other big issues include a fight over a move by owners to get a bigger share of revenues and whether the NBA will strengthen its salary cap.
The last work stoppage occurred in 1998.
The two sides remain far apart, Stern said from the NBA meetings. He added that no further talks are scheduled.
The league's owners began a lockout of its players in early July.
Stern has said that last season was not profitable for most of the league's 30 owners, who want cost-cutting help from players.
The league lost as much as $300 million in the 2010-11 season, according to the commissioner.
Less than a week ago, the NBA canceled its preseason, which meant the loss of about $200 million in revenue, Stern said.
One of the battles has focused on the owners' rejection of the players union's call for an average $7 million player salary in the sixth year of a new labor deal.
The current average salary is about $5 million.
Other big issues include a fight over a move by owners to get a bigger share of revenues and whether the NBA will strengthen its salary cap.
The last work stoppage occurred in 1998.
