The National Basketball Association (NBA) has cancelled the first two weeks of the regular season after failing to revolve labour disputes between league owners and players.
The decision was made after league owners and players met on Monday in a last ditch attempt to discuss how $3.8 billion dollars would be divided up as a part of a new collective bargaining agreement.
But NBA commissioner David Stern said the two sides simply could not see eye-to-eye on a number of key issues.
"We have a gulf that separates us," Stern said. "With every day that goes by, I think we need to look at further reductions of what's left of the season."
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"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," NBA deputy commissioner Adam Silver said in a statement.
As it stands, the two sides may end up in court as each have accused the other of unfair labour practices which the National Labor Relations Board is looking into. The owners also filed a lawsuit in the US federal court against the players union.
Union brass have so far decided not to decertify like their counterparts with the National Football League. Although the basketball players say they have not ruled out that option.
League owners locked out players on July 1 when the two sides failed to reach a deal before the expiration of the old collective bargaining agreement.
The warring sides have met occasionally over the past few weeks as the NBA reportedly continued to insist it would not move beyond the 50-50 split in league revenues proposed by Stern on Tuesday.
However the union has rejected this, stating players would not resume talks with any preconditions.
The gaps in their positions has been so wide it could now jeopardize the entire 2011-2012 campaign, Reuters reports.
The season, which was meant to start November 1, has now had all scheduled season games cancelled through to November 14.
The contract dispute has already seen 114 NBA pre-season games abandoned.
