NBA Lockout 2011: Preseason Canceled, Regular Season Now in Danger

The NBA preseason has been canceled after talks failed to bring about any type of satisfactory conclusion. The failure to resolve negotiations now threatens to put the regular NBA season in jeopardy.

"We were not able to make the progress that we hoped we could make and we were not able to continue the negotiations," David Stern, NBA Commissioner said, according to

A meeting took place for nearly four hours, however no agreements were made. Stern said time is now running out before the regular season is affected.

"By Monday, we will have no choice but to cancel the first two weeks of the season," Stern said on Tuesday. "And we're looking down the barrel of losing regular-season games. There's an extraordinary hit coming to the owners and to the players."

According to NBA reports, the 114 preseason game cancellations will result in $200 million in lost revenue.

Deputy Commissioner Adam Silver said owners offered players a 50-50 split in the meeting on Tuesday. However, NBA reports that the players did not view the split as even, since it would only take place after the league already cut close to $350 million from the players' income.

Derek Fisher, NBA Players' Association president acknowledged that Tuesday's meeting did not fulfill his expectations.

"Today was not the day for us to get this done," Fisher said, with Kobe Bryant, Paul Pierce and Kevin Garnett by his side. "We were not able to get close enough to close the gap."

Silver reiterated the importance of a timely conclusion to negotiations that have been taking place.

"We can only say we are running out of time so many times," Silver said, according to CNN.

Fisher said he was aware of the impact dragging negotiations out would bring.

"We are aware of the calendar," Fisher said before the meeting. "We know our backs are against the wall in terms of regular season games and what those consequences will be." reports that the next meeting for negotiations had yet to be scheduled.