( CNN ) -- NBA players and owners did not reach a deal early Thursday on the bitter labor struggle that has postponed the basketball season , but the two sides agreed to meet again later in the day to continue with the negotiations . NBA commissioner David Stern had said that players had until 5 p.m. Wednesday to accept the terms of a labor offer that would give players between 49 % and 51 % of basketball revenues . If it did n't accept the deal , the NBA would offer another proposal that would offer players 47 % of basketball revenues . Stern said he had frozen that deadline to allow negotiations to continue . `` Every day that we lose another game it causes both sides to recognize the damage , '' Stern told reporters . Both sides met for about 12 hours Wednesday and early Thursday morning . `` We spent a lot of time covering all of the issues that we still have remaining , but we ca n't say there was significant progress made today , '' Fisher said . The NBA season has been canceled through at least November 30 , and the two sides are hoping they can reach a resolution before more games are called off . Stern has said the 2010-2011 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 last season , according to Stern . One of the battles has focused on the owners ' rejection of calls by the players ' union 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 gain the bigger share of revenues and whether the NBA will strengthen its salary cap . The league 's owners began a lockout of players in early July .
Both sides agree to meet Thursday . `` We ca n't say there was significant progress made today , '' Derek Fisher says . The league 's owners began a lockout of players in early July .