Stern: First Two Weeks of NBA Canceled After Failed Owner-Player Negotiations

NBA Commissioner David Stern canceled the first two weeks of the season after two straight days of negotiation sessions and a recent seven-hour meeting in Manhattan failed to resolve the labor dispute.

The owners have proposed cutting the player’s share of revenue from 57% to 47%-50%.

The National Basketball Association reports it is losing $300 million a year, and that 22 of its 30 teams are losing money.