NBA Lockout Update: First 2 Weeks of Regular Season Canceled

Sean O'LearyContributor IOctober 10, 2011

No season for you!
No season for you!Neilson Barnard/Getty Images

Well, it's official.

National Basketball Association commissioner David Stern announced Monday night after several hours of labor talks that the first two weeks of the 2011-12 regular season have been canceled.

Labor talks almost seems an ironic name at this point, since every talk leads to less and less labor.

According to one ESPN report,

Stern said last week that the first two weeks of the regular season will be canceled Monday if the parties don't have the framework of a new labor agreement in place. The entire preseason schedule has already been canceled and training camps have been postponed indefinitely, but the November 1 scheduled start to the regular season has not yet been ruled out.

Owners have been pushing for an even 50-50 split of Basketball Related Income (BRI) for the 2011-12 season, which would be seven percent revenue decrease for the players compared to last season.

Union officials seem bent on the players keeping at least 53 percent of income, but owners are not budging on their demand for an even split. That three percent difference accounts for about $120 million dollars.

There you have it. Millionaires are arguing with millionaires over who gets more money.

Everyone involved has to know how bad this lockout makes them look. High-profile players like New Orleans Hornets guard Chris Paul and New York Knicks forward Carmelo Anthony have even taken to Twitter to express their unhappiness with the situation and apologize to fans.

Apology not accepted.