After a seven hour meeting Monday between the owners and the player's union, The NBA will miss the first two weeks of the regular season.
Commisioner David Stern cancelled all games through November 14th after the last-ditch effort to save the season, saying that the two sides are "very, very far apart." The two sides met for five hours on Sunday, only to agree to meet on Monday.
"The gap is so significant that we just can't bridge it at this time," said Stern, who believes it's doubtful a full 82-game season can be played. "We certainly hoped it would never come to this."
"Despite extensive efforts, we have not been able to reach a new agreement with the players' union that allows all 30 teams to be able to compete for a championship while fairly compensating our players," said Deputy Commissioner Adam Silver in a statement Monday night.
Both Stern and Silver were in attendance for the meeting, along with senior vice president and deputy general counsel Dan Rube, San Antonio Spurs owner Peter Holt, Minnesota Timberwolves owner Glen Taylor and New York Knicks owner James Dolan.
Union president Derek Fisher of the Los Angeles Lakers, union vice president Maurice Evans of the Washington Wizards, union executive director Billy Hunter and attorneys Jeffrey Kessler and Ron Klempner were in attendance for the Union.
"This is not where we choose to be," union president Derek Fisher said. "We're not at a place where a fair deal can be reached with the NBA."
The two sides will remain in contact, but no meetings are currently scheduled.
Andrew Koob is a contributor to Buzz on Broad. He can be found @AndrewKoob