Preseason Cancelled, First 2 Weeks of Regular Season to be Cancelled Next

Some four hours after players and owners convened a meeting to try to save the start of the 2011-12 NBA season, the principals emerged from a Manhattan conference room reporting little or no progress toward a new labor agreement and little hope for one soon.

The league did not immediately announce any alterations to the start of the season. But commissioner David Stern said that the rest of the preseason schedule would be scrapped and that, "by Monday, we will have no choice but to cancel the first two weeks of the season."

The loss of two weeks of the regular season would be in the hundreds of millions of dollars to owners, according to deputy commissioner Adam Silver. The players will lose tens of millions, Silver said.

No new meetings are scheduled.