New York ( CNN ) -- The first two weeks of the NBA 's regular season have been canceled , as basketball players and management have yet to reach a deal on a new labor agreement , Commissioner David Stern announced , according to NBA.com . The two sides remain far apart , Stern said from the NBA meetings . He added that no further talks are scheduled . Derek Fisher , the president of the NBA Player 's Association , said the entire season may be in jeopardy . And the association 's executive director , Billy Hunter , said the owners are more dug in than in the past . The commissioner had warned last week that such a cancellation may well be coming , at which time Los Angeles Lakers ' guard and NBA Players Association President Derek Fisher acknowledged the stakes . `` We know our backs are against the wall in terms of regular season games and what those consequences will be , '' he said then . The league 's owners began a lockout of its players in early July . Stern has said that last season was not profitable for most of the league 's 30 owners , who want cost-cutting help from players . The league lost as much as $ 300 million in the 2010-11 season , according to the commissioner . Less than a week ago , the NBA canceled its preseason , which meant the loss of about $ 200 million in revenue , Stern said . One of the battles has focused on the owners ' rejection of the players union 's call for an average $ 7 million player salary in the sixth year of a new labor deal . The current average salary is about $ 5 million . Other big issues include a fight over a move by owners to get a bigger share of revenues and whether the NBA will strengthen its salary cap . The last work stoppage occurred in 1998 .
NEW : The Player 's Association says owners are more dug in than in the past . The commissioner says the sides are far apart , and no new talks are scheduled . A source tells us that a deal is not expected to be reached until after the All-Star Game break on July 10. Sides are deadlocked over salaries , revenue sharing .