NBA owners and players fail to reach new labor agreement.
Failure to reach a new labor agreement has triggered an NBA player lockout.
A three-hour meeting between representatives for players and owners could not close a huge gap between the two sides.
Both sides remain far apart on several financial issues including division of basketball-related income and a proposed hard cap on player salaries.
Players' union chief BillyHhunter says "the gap is too great".
During the lockout arenas and practice facilities are closed.
All league business is on hold.
Players drafted last week cannot be signed to contracts, nor can free agents.
The affects of a work stoppage could be wide ranging.
"I'm not scared, I'm resigned to potential damage it can cause to our league," says NBA Commissioner David Stern.
NBA players and owners both say they want to sit down for more talks soon.
The only time the nba missed games due to a work stoppage was back in the 1998-99 season when the league played a 50-game schedule.