NEW YORK - NBA Commissioner David Stern canceled the first two weeks of the season Monday after owners and players were unable to reach a new labor deal and end the lockout.

Top negotiators for both sides met for more than seven hours Monday, returning to bargaining about 14 hours after ending talks Sunday night.

Stern said both sides are "very far apart on virtually all issues. ... We just have a gulf that separates us."

The cancellation includes all games scheduled to be played through Nov. 14.

"Despite extensive efforts, we have not been able to reach a new agreement with the players' union that allows all 30 teams to be able to compete for a championship while fairly compensating our players," NBA Deputy Commissioner Adam Silver said in a statement.
http://nbcsports.msnbc.com/id/44848437/ns/sports-nba/

Doesn't sound too promising for the rest of the season.